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Parker Lawyer for Bankruptcy: Filing Chapter 13 Bankruptcy

You need a Chapter 13 bankruptcy attorney if you're thinking of filing a Chapter 13 in Colorado.

Parker Lawyer for Chapter 13: What is Chapter 13 Bankruptcy in Parker and Littleton, Colorado?

In a Parker Chapter 13 Bankruptcy, the debtor proposes a plan to the Bankruptcy Court to make fixed monthly payments to pay a portion of his or her debts back. The amount of the debt that is not paid in the plan is discharged if the debtor successfully completes the plan. The debtor makes the plan payments to the Chapter 13 trustee, who then distributes the funds among the creditors. Many people choose a Chapter 13 Bankruptcy over a Chapter 7 Bankruptcy because they have property that would be liquidated or repossessed under a Chapter 7, they have debts that need to be forgiven and discharged that are not covered in a Chapter 7, or they do not meet the Chapter 7 “means test.”  If a person has a steady income and can afford to pay a monthly payment, a Chapter 13 Bankruptcy may be more beneficial than a Chapter 7.

Parker, Colorado Credit Counseling for Chapter 13 Bankruptcy

As with Chapter 7, filing Chapter 13 bankruptcy in Parker or Lone Tree requires the prospective filer to go through approved credit counseling to make the most of the fresh start that a Chapter 13 can bring. This helps them avoid possibly filing Chapter 13 bankruptcy again in the future. Before anything can be done to further the filing process, this counseling must be completed.

Filing Chapter 13 Bankruptcy Pro Se Isn’t Always Successful

The Chapter 13 process can be quite complex and pro se (i.e., “do it yourself”) Chapter 13 filings are almost never successful.  You need an experienced Parker bankruptcy attorney who will help you gather financial records, compute your “disposable income” under the statutory formula, and then prepare a valid “reorganization” plan to present to creditors and the bankruptcy trustee. Knowing that these documents and petitions were filed accurately by an experienced attorney will relieve you of much of the worry involved with the Chapter 13 process.

Parker, Colorado Chapter 13 Bankruptcy Attorney: The 341 Meeting in Colorado

The next step after filing and proposing a plan is the “Section 341” meeting with the Bankruptcy Trustee. Your Parker, Colorado bankruptcy attorney will be with you at this meeting at which the Chapter 13 trustee is given an opportunity to ask you questions about your filing and your financial situation.

Dealing with Objections

After the Section 341 meeting the next step is to deal with any objections that might have been filed against your plan.  There are almost always a few minor objections that your Parker bankruptcy attorney will help you resolve.  After all objections to the plan are resolved, the Court will approve the plan and you will be on your way to financial freedom.

If you are struggling with debt and wondering what kind of fresh start a Chapter 13 Bankruptcy could do to relieve you from the stress and responsibilities of keeping up with payments, call experienced Parker bankruptcy lawyer Barry Arrington at 303-205-7870 for your best fresh start.