5 Things to Consider When Filing for Bankruptcy in Denver

Learn more about what to consider before filing for bankruptcy in Colorado.

Are you thinking about filing for bankruptcy in Denver, Littleton, or Aurora? There are a few key factors to consider when filing for bankruptcy. As an experienced bankruptcy attorney, I often advise people to consider the following five points if they are struggling financially.

1. Define Your Goals

The first step you must take if you are deciding whether or not bankruptcy is the right option for you is to define your goals. What do I mean by this? Let’s look at a couple scenarios to see what I mean:

If you are carrying a lot of medical debt or credit card debt and you don’t have a lot of assets (you don’t own your house, etc.), Chapter 7 bankruptcy most likely is the best option. An experienced bankruptcy attorney will be able to tell you whether or not you are eligible for Chapter 7 by using a “Means Test.” Medical-Debt
If you own your own house and you’re trying to save it from foreclosure, or if you’re trying to stop the repossession of your car, Chapter 13 bankruptcy is most likely the best option. House

2. When Do You Want to File for Bankruptcy?

The second step you must take when considering whether or not bankruptcy is the right option for your family in Thornton, Centennial, or Englewood, is to stop and think about how soon you want to file. If foreclosure is looming, or you have a lawsuit against you, the sooner you file for bankruptcy, the better. An additional fee can be added to your loan if the mortgage company transfers your loan to an attorney. This, and other aspects all need to be considered when you are deciding on a time frame for bankruptcy.

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3. How Long is the Bankruptcy Process?

The third step you must take when it comes to weighing whether or not bankruptcy is the best financial option for you, is to consider the time frame of each type of bankruptcy. Chapter 7 bankruptcy filings last from 4 to 6 months – from when you file to when you get the discharge. Chapter 13 bankruptcy, however, lasts from 3 to 5 years, depending on your repayment plan schedule.

4. Find an Experienced Bankruptcy Lawyer

The next step in your decision about bankruptcy is too find an experienced bankruptcy attorney to discuss your situation. You will want someone with the following qualifications:

  • Experience: This is key to successful bankruptcy petitions. The bankruptcy code is extremely complicated. You need to work with someone who has years of experience in bankruptcy.
  • Dedicated: You need to find a lawyer who works primarily on bankruptcy. The bankruptcy process is complex and needs a focused eye.
  • Easy to Get Along With: This is an important part of your choice of a bankruptcy lawyer. You’ll be working for many months with this individual – you need to get along with them!

5. Make Your Decision

The final step is to make a decision about whether or not to file for bankruptcy, and then create a plan to move forward. Even if you decide bankruptcy isn’t right for you, you need to come up with a game plan to prepare for the future – whether it’s a budget, throwing away credit cards, or simply asking a friend to keep you accountable with your money, you need to attack your plan with purpose. If you decide bankruptcy is the right option for you, move forward with purpose and look forward to your debt free future.

We hope you found these 5 things to consider when filing for bankruptcy helpful. If you are trying to make a decision about your financial future in Greenwood Village, Highlands Ranch, or Lone Tree, contact experienced bankruptcy attorney Barry Arrington for a free consultation at 303-205-7870, or submit the “Get Help Now” form to learn more about the bankruptcy process.

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