Many people are aware of bankruptcy chapter 13, but there are different types of bankruptcies. Knowing which one to choose can be difficult. Should you choose chapter 13, chapter 7, or chapter 11? As with any bankruptcy issue, the answer depends on your situation. Regardless, let’s take a look at chapter 13.
Who is Eligible for a Bankruptcy Chapter 13?
Chapter 13 is available for individuals.
How Does a Chapter 13 work?
Bankruptcy Chapter 13 is simple to describe, but complex in how it works. Call Colorado Debt Help if you’re thinking about filing Chapter 13.
A chapter 13 bankruptcy requires you to make monthly payments toward your debt at an amount you can afford. These payments last between three to five years. You make your monthly payments to a bankruptcy trustee. The trustee then pays your creditors according to your confirmed plan.
Can Small Businesses Use Chapter 13?
If your business is a separate legal entity; i.e., not a sole proprietorship, then your business cannot file bankruptcy chapter 13. Only individuals can file chapter 13. However, you could file a small business chapter 11 bankruptcy.
Can I file a Chapter 13 without an attorney?
Yes, the Colorado Bankruptcy Court provides a Chapter 13 Voluntary Petition Packet. However, completing the petition and confirming your chapter 13 plan takes considerable legal skill and knowledge. Most chapter 13 cases filed without an attorney get dismissed. Don’t be a dismissal statistic, use Colorado Debt Help.
How Much Do I Have to Pay Back if file Chapter 13?
How much you pay depends on your expenses, income, and types of debt. In general, the higher your income, the more you will pay. However, certain debts (called priority debts) must be paid in full during the chapter 13 plan.
Contact Colorado Debt Help to File Chapter 13
If you are thinking about bankruptcy, come in to Colorado Debt Help for a free consultation. We can help you navigate the Colorado bankruptcy court process. Take advantage of meeting with a Broomfield bankruptcy attorney to discuss your unique debt situation. Whether it is chapter 11, chapter 13 or chapter 7, Colorado Debt Help will find you the best solution.
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