Find a Bankruptcy Lawyer in Pueblo, Colorado

Find the right Bankruptcy attorney in Pueblo, CO

In Pueblo, 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 Pueblo, 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 Pueblo could prove invaluable.

Types of Bankruptcy in Pueblo, Colorado

There are three basic bankruptcy schemes that are most commonly used in Pueblo: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in Pueblo, Colorado will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the funds from the sale to pay down as much debt as possible. Once the sale is done, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the full amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

The other form of bankruptcy most frequently used in Pueblo is Chapter 13. It allows a person to pay off their debt over an extended period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while slowly paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being enforced, this plan must be approved by a majority vote of participating creditors.

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 Pueblo Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Pueblo is an influential decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Pueblo bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Pueblo

Pueblo is located Colorado and is the county seat for Pueblo County. It has a population of about 107,000 people and is situated near the Arkansas River. Pueblo, Colorado is a "Home Rule" or self-governing municipality. It is located in what is known as the "banana belt" region in Colorado. This region has much warmer climate than most of Colorado, with significantly less amounts of snow fall. As one of America's top producers of steel, Pueblo is often known as "the Steel City". The Federal Citizen Information Center is also located in Pueblo, Colorado and is one of the city's top employers. Pueblo is also considered Colorado's best location for solar energy and is an ideal location for solar power companies. The city is also called the "Home of Heroes", as a number of Medal of Honor recipients are from Pueblo.

Attractions in Pueblo, Colorado include the Rosemount Museum, the Pueblo Zoo, and Pueblo Motorsports Park. Recreational activities are abundant in Pueblo, with opportunities for disc golf, aquatics classes, and senior activities. Pueblo also has an extensive trail system that allows people to experience the region's lush outdoor environment. Other favorites include Friday Art Walks and downtown shopping.

Pueblo lawyers offer a variety of legal services and typically file their claims at the Pueblo Municipal Court. The Court has expanded its use of technology and computers to enhance its efficiency. Lawyers in Pueblo, Colorado are an important part of the city's social and communal life.

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