If you are facing fragile financial conditions and finding it difficult to make both ends meet and live in Aurora, Colorado. Then filing an Aurora, Colorado bankruptcy can help you to successfully cope with the burden of unpayable debts. It’s also an effective way to manage your debt issues and to stop harassing calls from the creditors. Let’s find out how you can file bankruptcy Aurora Colorado.
Before getting started, make sure to have a quick overview of bankruptcy-related information to make the process easier. First, you need to know that there are several different types of bankruptcies used by businesses and individuals in Colorado. Two of the most commonly filed are chapter 7 and chapter 13. Both of which are legal tools to end your financial troubles.
Chapter 7 File Bankruptcy Aurora
The most widely used word to describe this debt relief tool is “fresh start”. Because people who want to discharge their unpaid debt file for Chapter 7 bankruptcy in Aurora Colorado. But they won’t be able to keep non-exempt property. Because the trustee appointed to their case will sell their non-exempt assets to pay back to their creditors. Also, you can find the list of assets which are exempt in Colorado Bankruptcy here.
Chapter 7 is one of the most powerful legal tools for erasing your debts. But you can file for it once every eight years. So, make sure to use it when you need it the most.
Chapter 13 File Bankruptcy Aurora
Unlike Chapter 7, you can keep all the property in chapter 13 bankruptcy. It is more like a repayment plan where a debtor can make up the overdue loan payments through it. In general, if you have a non-exempt property that you want to keep, chapter 13 would be a better option.
What Is A Means Test?
All the debtors who want to file for a chapter 7 need to pass a means test for qualifying. This test compares your family’s income with that of Colorado Median Income (The form is available here). In simple terms, if your average income for past six-months before applying for bankruptcy is lower than Colorado median Income. You can qualify for chapter 7. But if it exceeds, then you move on to the next step of means test where certain expenses will be deducted from your income to determine whether the remaining disposable income is enough to pay your debts. If not, then you’ll not qualify for chapter 7 and must apply for chapter 13 bankruptcy. Fpr more information on a means test you’ll want to check out this article.
Credit Counseling and Debtor Education Courses
Every bankruptcy filer needs to complete two types of financial courses. The first one is the Credit Counseling Course that you should complete before filing. It takes at least one hour, and you can complete in through telephone or online. The list of approved agencies that provide this course is available on the website of the Department of Justice.
The second course, known as Debtors Education Course must be completed before getting a bankruptcy discharge. It’s better to take it as soon as you file your Aurora, CO bankruptcy case in the court. It is 2 hours of duration and teaches how to peruse a path that leads you to financial well-being. Here is a list of approved agencies by the Department of Education who provide this course.
The standard fee for both of these courses ranges between $10-$50. However, if your family income is less than 150% of the federal poverty level, you can get the fee waived.
The rest of the process includes preparing documents, filing in the court, meeting the trustee, filing motions and so on. You can make this process hassle-free and effective by using the services of an experienced bankruptcy attorney.
The Importance of Using A Bankruptcy Attorney in Aurora, Colorado
The involvement of a bankruptcy attorney in your case can improve your chances of success many times. Barry Arrington is also an experienced attorney with many successful cases at his credit. His assistance can help to resolve any issues related to bankruptcy in Aurora Colorado such as:
- Exploring your options other than bankruptcy to help you get debt relief.
- Helping you to manage your tons of bankruptcy paperwork.
- Protecting your rights against creditors after filing.
- Making sure that little to none of your assets and property is liquidated during chapter 7.
Scheduling a consultation with a bankruptcy attorney is the first and easiest step towards a fresh start. It’s good that you googled to find solutions but note that each debt case is unique and different from others. So, the solution should also be customized to meet your specific needs. Bottom line is, let the expert handle your case to help you get the maximum debt relief possible!
How to File Bankruptcy in Other Cities of Colorado?
The process of filing for chapter 7 and chapter 13 bankruptcy is virtually the same in Denver, Littleton, Boulder, Thornton, Lakewood and other cities in Colorado as it is in Aurora. We specialize at handling a variety of cases in all over Colorado. Get in touch today to receive the most accurate advice regarding your financial hardships.