If you are in a tight spot financially, then consider the bankruptcy Colorado process. The U.S. Bankruptcy Court District of Colorado provides a booklet with some instructions for individuals filing bankruptcy.  In the booklet it specifically states, “You are strongly encouraged to hire a qualified attorney not only to help you complete the forms but also to give you general advice about bankruptcy and to represent you in your bankruptcy case.”  Therefore, this blog will talk about the bankruptcy process and why you need a Broomfield bankruptcy lawyer.

Are your debts pulling you under water? If so, learn about bankruptcy as an option to start swimming again.

What is Bankruptcy?

Bankruptcy is federal law that helps individuals and businesses get out of debt.

What is the Bankruptcy Code?

The Bankruptcy Code provides help for people and businesses having financial difficulty.  Also, the Bankruptcy Code controls your creditors. There are several chapters in the Bankruptcy Code. Chapters 7, 11, and 13 are the most common. Each of these chapters offers bankruptcy Colorado debtors different options.

Is the Bankruptcy Court a State or Federal Court?

The Bankruptcy Court is a federal court even though it is located in Colorado.

What are the different “Chapters” in bankruptcy?

• Chapter 7 bankruptcy is the liquidation chapter of the Bankruptcy Code. Chapter 7 is called a “straight bankruptcy.” Individuals and businesses can file Chapter 7.  More importantly, the process only lasts 90 days.
• Chapter 11 bankruptcy is the reorganization chapter available to bankruptcy Colorado businesses and individuals who have substantial debts.  Chapter 11 works best if you have income to restructure your debts. Just recently, Congress has amended the bankruptcy code so that it’s an affordable and useful process for small businesses impacted by COVID.
• Chapter 13 bankruptcy is the repayment chapter for individuals with regular income. Better yet, chapter 13 stops foreclosures so people can keep their homes.

All chapters of bankruptcy are extremely difficult to complete without an attorney.  However, Rob Fuicelli at Colorado Debt Help offers a free Colorado bankruptcy consultation. Rob will help you navigate the bankruptcy process.

Get Help with Bankruptcy Colorado

Take advantage of a free consultation.  During this appointment, Rob Fuicelli will discuss your unique debt situation. Whether the solution is bankruptcy Colorado, debt settlement, credit counseling, or debt management plan, Colorado Debt Help will get out of debt! As a result, call (720) 526-9509 to schedule your appointment. Rob Fuicelli offers phone, Zoom and in-person consultations.