Consumer Bankruptcy Lawyers in Englewood, Colorado

Find the right Consumer Bankruptcy attorney in Englewood, CO

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is usually considered as an option of last resort, because while it can stave off financial disaster, it has some significant 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 Englewood, Colorado before you file.

Chapter 7 Bankruptcy in Englewood, Colorado

There are 2 common types of bankruptcy in Englewood, 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 usually includes homes, vehicles, insurance policies, and retirement accounts. These do not need to be sold.

Once the non-exempt property is sold, the rest of the dischargeable debt is eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Englewood, Colorado is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Englewood, Colorado

In Englewood, Colorado, Chapter 13 is quite different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your particular situation. Chapter 13 Bankruptcy involves a court setting up a modified payment plan, which allows the debtor to pay off most or all of his debts over a longer period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

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

The answer to this question depends heavily on your individual situation. If you have enough steady income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 might be a good option. If you don't have much steady income, and most of your property is exempt, Chapter 7 might be better.

In any case, you should talk with a local Englewood, Colorado bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely consequences. This will make it much easier for your to make an informed choice.

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Life in Englewood

Englewood, Colorado is a community in Arapahoe County, Colorado. It is a home-rule municipality, and has a population of about 33,000 people.

Englewood, Colorado is part of the Denver metropolitan area, and the robust economy of Denver and other larger cities nearby provides the basis for the economy and job market in Englewood.

The Denver area has in recent years become a major hub for the technology industry, with many high-tech companies having large offices there. This industry provides a major boost for the Englewood, Colorado job market.

These tech companies employ a large number of professionals in a wide variety of fields, including several Englewood, Colorado lawyers.

If you live in Englewood, Colorado and are in need of legal advice, chances are very good that there is an Englewood, California attorney who can help you with whatever legal issue you might face.

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