Find a Bankruptcy Lawyer in Grand Junction, Colorado

Find the right Bankruptcy attorney in Grand Junction, CO

In Grand Junction, Colorado, bankruptcy is a court procedure in which a person or business has some or all of their debts excused (or "discharged"), theoretically allowing them to start 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 convenient 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 potential benefits.

Accordingly, it might be a good idea to consult with a Grand Junction, 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 difficult to foresee the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Grand Junction could prove invaluable.

Types of Bankruptcy in Grand Junction, Colorado

There are three basic bankruptcy schemes that are most commonly used in Grand Junction: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Grand Junction, Colorado will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is complete, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and many classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other commonly used bankruptcy system in Grand Junction is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is approved by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the agreements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is usually a better option for people who have a steady income. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.

How Can a Grand Junction Bankruptcy Lawyer Help?

Filing for bankruptcy in Grand Junction is a very important decision, and should not be made lightly. Before filing, one should consult with a good Grand Junction bankruptcy attorney for advice.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Grand Junction

Grand Junction, Colorado is a home-rule municipality, and the county seat of Mesa County, Colorado. According to a Census estimate from 2009, Grand Junction has a population of about 59,000 people. The city is located on the Colorado river, near where it receives the Gunnison River, hence the name "Grand Junction." Modernly, the city serves as an extremely important hub for commerce and transportation in its region. Grand Junction also grew rapidly in the 1970s and 80s, thanks to large deposits of oil shale. This was when technologies used to extract oil from shale became widely available. However, extracting oil from shale is still more expensive than simply drilling for it, and when oil prices began to decline, it ceased to be economically viable. This led to significant economic hardship for the region. In recent years, however, the economy of Grand Junction, Colorado has diversified and stabilized, eliminating the risks that arise when an economy becomes dependent on a single industry. It is a vibrant center for many industries, including healthcare, agriculture, livestock, and tourism. Grand Junction is near a major mountain resort, and it has become a popular destination for wealthy travelers. If you live in Grand Junction, and are facing any legal issue, whether it involves starting a business, adopting a child, taking out a mortgage, or writing a will, the chances that you'll be able to find a good Grand Junction, Colorado lawyer are excellent.

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