Find a Bankruptcy Lawyer in Arvada, Colorado

Find the right Bankruptcy attorney in Arvada, CO

In Arvada, Colorado, bankruptcy is a court procedure in which a person or business has some or all of their debts cleared (or "discharged"), theoretically allowing them to begin with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). Remember, though, that bankruptcy should not be viewed as a proper way to get out of debt that you don't feel like paying back. It is meant to serve as an option of last resort for people and businesses faced with debt that they will probably never be able to pay back. The decision to file for bankruptcy can result in negative consequences, such as damaged credit ratings, which must be seriously weighed against the possible benefits.

Accordingly, it might be a good idea to consult with an Arvada, Colorado bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often hard to predict the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Arvada could prove invaluable.

Types of Bankruptcy in Arvada, Colorado

There are 3 bankruptcy options that are typically used in Arvada: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Arvada, Colorado are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is verified, and the proceeds handed over to the creditors, the debt is perceived as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are completely or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other popular bankruptcy system in Arvada is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a decent amount of time. When a repayment plan is authorized by a court, creditors are legally barred from trying to collect under the original terms of their contract with the debtor. Chapter 11 bankruptcy is usually used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - basically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be authorized by the participating creditors through a simple majority vote.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operating, and to trade its stock.

How Can a Arvada Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Arvada is a huge decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Arvada bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Arvada

Arvada, Colorado is located in Adams and Jefferson Counties. It has a population of about 108,000 and is about 7 miles from the state capital of Denver. Arvada is an ideal commuter city and is bordered by Denver on the east and the Rocky Mountains on the west. The region boasts thousands of acres of open space, parks, and trails.

Founded in 1870, Arvada has managed to maintain a welcoming and friendly small-town atmosphere. Arvada's historic downtown area is one of its main attractions and is listed on the National Register of Historic Places. Downtown Arvada, Colorado offers a wide range of shops and restaurants for an unique, eclectic shopping and dining experience. Overall, Arvada is a rich mix of quiet neighborhoods and a robust business scene.

Another main feature of the city is the Arvada Center for the Arts and Humanities. The center is one of the largest and most active cultural and multi-disciplinary art centers in the U.S. The Center features concerts, educational classes, and award-winning theater productions. It also has an elaborate banquet hall for social and corporate events. The Arvada Center draws well over 350,000 people each year, with more than half of the visitors being from out-of-town.

Lawyers in Arvada, Colorado often assist their clients at the Arvada Municipal Court. Arvada lawyers offer a variety of services to help their clients obtain an appropriate remedy. Experienced Arvada lawyers are knowledgeable of the unique laws in the state of Colorado.

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