Waiting Period to Refile for Chapter 7 Bankruptcy Ends for Coloradans who Filed in 2005

For the last few years, the number of Chapter 7 and Chapter 13 Bankruptcies have dropped, which is a sign that the economy has improved and hopefully the end of the recession is near. However, Denver Bankruptcy Lawyers are preparing themselves for the possibility of a busy year because the millions of people who filed for a Chapter 7 Bankruptcy eight years ago are nearing the end of the time limit where they can file again. In October 2005, a new law came into effect that changed the time required before people who filed a Chapter 7 Bankruptcy could file again.

After that law took effect in Colorado, a person now has to wait eight years after their Chapter 7 Bankruptcy is completed before they can file for another Chapter 7 bankruptcy, and four years after filing a Chapter 13 Bankruptcy before they can again file. Because of the slow economic recovery, there were many hard years financially for people all across Denver, Centennial, and Broomfield. Denver area bankruptcy attorneys know there are many people in Colorado who filed in 2005 who are now eligible file again for a Chapter 7 bankruptcy and it may be a good choice for many of them.

Money is like a puzzle, and fitting the pieces together to get the whole picture is part of the challenge of dealing with finances successfully. In a consumer driven economy, if someone just can’t seem to get ahead, or had to deal with severe setbacks like job loss, hospital stays, or divorce, they may have never been able to successfully recover from a Chapter 7 Bankruptcy.

If you previously filed a Chapter 7 or Chapter 13 bankruptcy and are nearing the end of time limit before filing again (four years for a Chapter 13 Bankruptcy, eight years for a Chapter 7 Bankruptcy), but still have not been able to recover completely, contact experienced Denver bankruptcy attorney Barry Arrington at 303-205-7870 for your best, fresh start possible.