What is bankruptcy code in Colorado?
Bankruptcy Code: The Bankruptcy Code is a federal law that controls the bankruptcy process in the United States. The Code can be found under Title 11 of the United States Code. Both Chapter 7 bankruptcy and Chapter 13 bankruptcy are different provisions of the Bankruptcy Code.
What is a Littleton Chapter 7 Bankruptcy Under the Bankruptcy Code?
Under the Bankruptcy Code, a Chapter 7 bankruptcy deals with the process of liquidation. A Chapter 7 bankruptcy in Littleton, Aurora, Centennial, Parker or Lakewood is intended to give debtors a fresh financial start. If a person qualifies for a Chapter 7 bankruptcy, they may be able to discharge / wipe out / liquidate medical debt, personal loans (like payday loans) as well as some credit card debt. In a Chapter 7 bankruptcy, a debtor has the opportunity to cancel debt and in some cases surrender property to pay creditors (such as a home or car).
What is an Aurora Chapter 13 Bankruptcy Under the Bankruptcy Code?
In an Aurora Chapter 13 bankruptcy, known as a reorganization bankruptcy, a debtor will get to keep their property but will pay back all or a portion of their debt over a 3 to 5 year repayment plan. Because a Chapter 13 bankruptcy requires a debtor to make monthly payments over time, a debtor must prove to the court that they can afford the payments.
Why Do You Need a Littleton Bankruptcy Lawyer if Considering a Chapter 7 or Chapter 13 Bankruptcy?
If you are considering a Chapter 7 or Chapter 13 bankruptcy in Littleton, Denver, Greenwood Village or any other part of Colorado, it is always best to consult an experienced bankruptcy lawyer. Both a Chapter 7 and Chapter 13 bankruptcy are complex and require the expertise of someone who knows bankruptcy law inside and out and can handle your bankruptcy from the beginning to the end. You need a skilled bankruptcy lawyer to help you choose which chapter is right for you, help you prepare required bankruptcy paperwork, file all required bankruptcy documents, represent you at your bankruptcy hearings and much more. Bankruptcy lawyer Barry Arrington can be that lawyer for you. To schedule a FREE initial consultation with bankruptcy attorney Barry Arrington, call 303-205-7870 today, or fill out the “Get Help Now” form on the side of the page.
We hope we have answered your question: “What is the bankruptcy code in Colorado?” Gaining knowledge will help lessen the intimidation of bankruptcy and get you started on your fresh start sooner. Contact experienced Centennial, Aurora and Littleton bankruptcy lawyer Barry Arrington at 303-205-7870 and he will fight to give you the best, fresh start possible.
- Visit the Colorado Bankruptcy Court website