Find a Bankruptcy Lawyer in Colorado Springs, Colorado

Find the right Bankruptcy attorney in Colorado Springs, CO

In Colorado Springs, Colorado, bankruptcy is a court procedure in which a person or business has some or all of their debts absolved (or "discharged"), theoretically allowing them to commence 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 fitting 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 probable benefits.

Accordingly, it might be a good idea to consult with a Colorado Springs, 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 challenging to anticipate the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Colorado Springs could prove invaluable.

Types of Bankruptcy in Colorado Springs, Colorado

There are 3 bankruptcy tactics that are typically used in Colorado Springs: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Colorado Springs, Colorado are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the funds to pay off debt. Numerous types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

The other popular bankruptcy system in Colorado Springs 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 arrangement with the debtor. Though applicable to individuals, Chapter 11 bankruptcy is typically used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is finalized, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

During the Chapter 11 process, a business can typically continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Colorado Springs Bankruptcy Lawyer Help?

The need to examine all the options and consider the costs and benefits of applying for bankruptcy in Colorado Springs cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Colorado Springs bankruptcy attorney beforehand.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Colorado Springs

Colorado Springs is the seat of El Paso County and is known as Money Magazine's "best big city to live in" and Outside Magazine named it number one in their 2009 list of America's best cities. Peterson Air Force Base, Falcon Air Force Base, and the Air Force Space Command are all located in Colorado Springs and draw a number of U.S. Service men and women. In fact, the famed NORAD was based in to Cheyenne Mountain overlooking the city. The armed forces including Fort Carson, Peterson Air Force Base, the United States Air Force Academy, and Schriever Air Force Base employ over 20% of the city's population.

It may be obvious to you then, Colorado Springs is home to a number of defense industry professionals from aerospace and missile defense to communications and engineering. Beoing, L-3 Communications, and General Dynamics all have major installations in Colorado Springs alongside the likes of Northrop Grumman and Lockheed Martin. The high tech boom in Colorado Springs has ushered in companies like Verizon Business, Hewlett-Packard, Intel, and Agilent. The companies range from software design to computer chip manufacturing and testing.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY