Are you unable to pay off your debts no matter how hard you’ve tried? If so, a qualified Chapter 7 lawyer in Denver may have a solution for you.
There are several different types of bankruptcy, but the most commonly thought of is Chapter 7. Here, you have your best chance at giving yourself a fresh start, financially speaking. But not everyone qualifies for Chapter 7, and the process can be more complex than you realize.
Fortunately, a highly respected Denver Chapter 7 bankruptcy lawyer at Justice for Colorado could help you through this difficult time. If we are able to take on your case, we’ll do everything possible to clear your debts in full so you can get on with your life and build a financially stable future.
What Happens When You File Chapter 7 Bankruptcy in Denver
Before you can file a Denver Chapter 7 bankruptcy petition, you must attend credit counseling to ensure there is no other feasible way for you to repay your creditors and debts. Once you have obtained a certificate of credit counseling, you will then be able to file your Chapter 7 petition.
The courts require a disclosure statement that outlines your income, expenses, assets, liabilities, debts, and their respective creditors, as well as that of your spouse if you are married. This provides the courts with a clear understanding of your financial situation.
From there, an automatic stay will be issued that prohibits your creditors from continuing attempts to collect your debts. You will be assigned a trustee who will oversee the liquidation of your non-exempt assets and repay your creditors with the proceeds. Any remaining debt will be discharged.
Who Qualifies for a Chapter 7 Bankruptcy Declaration?
Chapter 7 is often the most attractive option for debtors because it provides the opportunity to clear your name more quickly. But not everyone qualifies for Chapter 7. In fact, in order to be eligible for a Chapter 7 bankruptcy declaration, you must pass the Colorado means test.
For bankruptcy petitions filed after May 1, 2020, the maximum annual income eligible for a Chapter 7 declaration is $60,819 or $5,068.25 per month. This amount will increase based on the size of your household. Anyone making more than the limits of the Colorado means test may instead qualify for Chapter 13 bankruptcy or another repayment plan.
Get Help from a Chapter 7 Bankruptcy Lawyer in Denver
If you have been struggling to make ends meet and believe that declaring bankruptcy may be your best option, contact an experienced Denver Chapter 7 bankruptcy lawyer at Justice for Colorado.
Our firm provides complimentary consultations to individuals across Denver and its surrounding cities. Take advantage of this opportunity and call our office at 303-647-9691 or submit the quick contact form below when you are ready to schedule a free case review.