Consumer Bankruptcy Lawyers in Boulder, Colorado

Find the right Consumer Bankruptcy attorney in Boulder, CO

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

Chapter 7 Bankruptcy in Boulder, Colorado

There are 2 main forms of bankruptcy in Boulder, 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 normally includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is absolved. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Boulder, Colorado debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Boulder, Colorado

Chapter 13 bankruptcy in Boulder, Colorado is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your individual case. Chapter 13 does not excuse any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

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

Which Bankruptcy type to file under depends strongly on the facts of each particular case. If you have a stable stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, it would be a good idea to consult a local bankruptcy lawyer in Boulder, Colorado. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Boulder

Boulder, Colorado is the county seat of Boulder County, and it is also the largest city in that county. It has a population of just under 100,000 people.

Boulder is considered one of the most liberal of Colorado's larger cities, and was a major destination for participants in the counterculture movement in the late 1960s. This legacy affects its culture to this day.

The culture of Boulder, Colorado is driven by outdoor activities, such as rock climbing, Ultimate Frisbee, hiking, skiing, and many others. It is also home to a major film event - the Boulder International Film Festival.

Many successful professionals, such as lawyers, have relocated to Boulder, to take advantage of its growing economy, job opportunities, and unique culture.

If you are a resident of Boulder, Colorado, and need legal advice, there's probably a Boulder, Colorado attorney who's right for you. A Boulder, Colorado attorney can help you with almost any legal issue you're likely to face.

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