Consumer Bankruptcy Lawyers in Aurora, Colorado

Find the right Consumer Bankruptcy attorney in Aurora, CO

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is typically considered as an option of last resort, because while it can stave off financial disaster, it has some substantial long-term consequences warranting careful consideration of the costs and benefits. Bankruptcy is a creation of federal law, and goes through federal courts. Therefore, the procedure governing bankruptcy in Colorado will be roughly the same as it is anywhere else in the U.S. But individual courts have different rules for what property is exempt, so you should consult a local Aurora, Colorado before you file.

Chapter 7 Bankruptcy in Aurora, Colorado

There are 2 typical types of bankruptcy in Aurora, Colorado. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This typically includes homes, vehicles, insurance policies, and retirement accounts. These do not need to be sold.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is absolved. However, some types of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Aurora, Colorado is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Aurora, Colorado

In Aurora, Colorado, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 bankruptcy does not absolve debt, it restructures it. This involves a court coming up with an adjusted repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original arrangements that created the debt in the first place. This creates a new payment structure, typically involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Aurora, Colorado

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your distinct situation. If you have a steady income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a steady income, and most of your property is exempt, Chapter 7 might be a better way to go.

Of course, you should always seek the counsel of an experienced local Aurora, Colorado bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your specific situation.

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Life in Aurora

Aurora, Colorado is a city that spans Arapahoe, Adams, and Douglas counties. It is the third-largest city in Colorado, and the 56th-largest city in the United States, with a population of 325,000 people.

During the 1970s and 80s, Aurora began to grow rapidly, after relatively slow growth from its founding in the 1800s. This was due in large part to a broader growth trend in the American West, with many businesses and industries taking advantage of cheap land prices, and a business-friendly climate in Colorado and other Western states.

The largest employer currently in Aurora is the Buckley Air Force Base, which employs over 12,100 people. Many Aurora, Colorado attorneys, both military and civilian, work for this air force base, either directly or indirectly.

Of course, there are Aurora, Colorado attorneys who can handle most non-military legal issues that the average person is likely to face. If you need legal advice, there are many lawyers in Aurora, Colorado who can help.

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