Consumer Bankruptcy Lawyers in Loveland, Colorado

Find the right Consumer Bankruptcy attorney in Loveland, CO

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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 Loveland, Colorado before you file.

Chapter 7 Bankruptcy in Loveland, Colorado

There are 2 common forms of bankruptcy in Loveland, 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 Loveland, Colorado debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Loveland, Colorado

In Loveland, 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 does not discharge debt, but restructures it instead. Usually, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is usually manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Loveland, 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.

Whatever your situation, you should speak with a local Loveland, Colorado bankruptcy Lawyer. Your Attorney will be able to advise you of your options and their likely consequences, which will help you make a more educated decision.

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Life in Loveland

Loveland, Colorado is a city in Larimer County. It has a population of about 67,000 people, and is located about 45 miles north of Denver.

Loveland was founded in 1877, along the newly constructed Colorado Central Railroad. Throughout the first half of the 20th Century, Loveland's economy was heavily dependent on agriculture. However, after World War II, the economies of western states, including Colorado, began to boom. Modernly, Loveland, Colorado frequently receives national recognition for being one of the best places in the country to live.

Companies like Hewlett-Packard have a substantial presence in Loveland, Colorado, creating a large and diverse employment base.

Because of its robust economy, the lawyers of Loveland, Colorado have developed very sophisticated and competent practices. If you need legal advice in Loveland, Colorado, there's probably a lawyer nearby who can help.