In our previous blog post (Frequently Asked Questions about Bankruptcy in Colorado: Part 1) we answered your questions about bankruptcy in Littleton: Whether you need a lawyer when declaring bankruptcy, and what happens when you declare bankruptcy. In this post we will cover: Where your bankruptcy is handled, how you go about declaring bankruptcy, whether or not you will lose your retirement, whether or not you will need to appear in court, and the difference between secured and unsecured debt.
Where is My Bankruptcy Handled?
All matters related to bankruptcy are handled in Denver Bankruptcy Court in downtown Denver. It is located between California and Stout Streets, near the U.S. Customs House. Parking is available in nearby parking garages and lots.
Find Colorado Bankruptcy Court on a Map
How do I Declare Bankruptcy in Colorado?
In order to file for bankruptcy in Colorado, you must file a petition for bankruptcy in court and pay the filing fee. You can see a list of fees below. You do not need to have a lawyer in order to file, but the Colorado Bankruptcy Court strongly suggests hiring a “competent bankruptcy attorney.” Bankruptcy law is extremely confusing and intricate. An experienced attorney who has a keen understanding of the law and what it entails is invaluable. Attorney Barry Arrington has aided many people with their financial issues, and has a complete grasp of bankruptcy law. He can help you navigate toward a better financial future, and preserve more exempt assets. He can answer all of your questions about bankruptcy in Littleton.
What does it Cost to File for Bankruptcy in Littleton?
As of May 1, 2013, the Colorado Bankruptcy Court lists bankruptcy filing fees as follows:
- Chapter 7: $306.00
- Chapter 13: $281.00
Please contact Attorney Barry Arrington if you have any more questions about bankruptcy in Littleton regarding filing fees.
Will I Lose my Retirement if I File for Bankruptcy?
Your pension plan, IRA, ROTH IRA, 401(k) and deferred compensation plan are all safe. You won’t be required to pay back your debts out of these funds.
Will I Have to Appear in Court?
This depends on what type of bankruptcy you are filing. With both types, you will have to appear in court at what is called a “Meeting of Creditors.” If you file a Chapter 7, then you will most likely need to make only one appearance. When filing Chapter 13, you may have to appear in court with a Chapter 13 trustee, and then again at a Confirmation Hearing, at which point the Bankruptcy Court approves the payment plan you have created.
What is Secured Debt?
Money that you owe that has property as collateral is considered secured debt. An example would be a mortgage or a car loan. If you don’t make your payments, the collateral (your house or car) could be repossessed.
What is Unsecured Debt?
When you owe money, but your property is not held as collateral, it is called unsecured debt. Examples of unsecured debt are credit card debt, phone bills, and medical bills. If you can’t make your payments to a credit card company, they won’t take away your house.
Did you read the first part in this series? We answered more questions about bankruptcy in Littleton. Be sure to read Frequently Asked Questions about Bankruptcy: Part 1.
Have We Answered all Your Questions about Bankruptcy in Littleton?
Contact experienced bankruptcy lawyer Barry Arrington for a free initial consultation.
It is important to have a loyal ally on your side as you decide the best way to resolve your financial issues and get a new start. Barry Arrington has proven many times that he can successfully overcome the difficulties of filing a Chapter 7 or Chapter 13 Bankruptcy. Contact an experienced bankruptcy lawyer at 303-205-7870 for answers to more specific questions.
Image Courtesy of Pansa / FreeDigitalPhotos.net