Consumer Bankruptcy Lawyers in Littleton, Colorado

Find the right Consumer Bankruptcy attorney in Littleton, 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 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 Littleton, Colorado before you file.

Chapter 7 Bankruptcy in Littleton, Colorado

There are 2 common forms of bankruptcy in Littleton, Colorado. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 involves liquidation of part of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This usually includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is discharged. 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 Littleton, Colorado debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Littleton, Colorado

In Littleton, Colorado, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the agreements that gave rise to the debt in the first place. This results in a new payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

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

Which Bankruptcy type to file under depends strongly on the facts of each individual 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, you should talk with a local Littleton, Colorado bankruptcy lawyer. Your lawyer 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 Littleton

Littleton, Colorado is a home-rule municipality, which serves as the county seat of Arapahoe County. It has a population of approximately 40,000 people.

Littleton is a suburb of Denver, the largest city in Colorado. Among professionals who work in Denver, Littleton is a popular place to live, because it is seen as a quiet, friendlycommunity.Littleton traces its history back to 1859, with the Pike's Place gold rush. The Little family (for whom the town is named)established a flour mill, which provided a solid economic base for the city's continued growth.

However, Littleton, Colorado is perhaps best known for its association with the 1999 shooting at Columbine High School. Early media reports erroneously reported that the school was in Littleton, but it is actually located outside the city limits.

Littleton, Colorado is a fairly affluent community, with a relatively high median household income, and a low percentage of the population living below the poverty line.

If you live in Littleton, Colorado and need an attorney, it's highly likely that you'll be able to find a good Littleton, Colorado lawyer. Littleton,Coloradolawyers are well-trained and competent, and can probably handle whatever legal problem you might have.

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