March 3, 2014
Denver Chapter 7 Bankruptcy Attorney
When you face job loss, divorce, medical bills, credit card debt, foreclosure, or are overwhelmed with debt for a different reason, a knowledgeable bankruptcy attorney will help you decide whether personal bankruptcy is your best option.
At Lindquist-Kleissler & Company, LLC, an experienced Denver Chapter 7 Bankruptcy lawyer will maximize your utilization of Colorado Bankruptcy Law to get you through and to eliminate as much debt as possible. Contact us for a free 30-minute consultation and a free bankruptcy packet with the accumulated wisdom of 30+ years of bankruptcy law experience.
What is Bankruptcy?
Am I Eligible for Chapter 7 Bankruptcy to Eliminate My Unsecured Debt?
Chapter 7 Bankruptcy allows for the liquidation of an individual’s debt. In a Chapter 7 Bankruptcy, clients typically complete the entire process within 180 days, at which point debts are discharged and the debtor is no longer legally bound to repay debts that have been discharged.
On October 17, 2005, new bankruptcy law went into effect, requiring debtors to use the means test to prove their eligibility to file a Chapter 7 Bankruptcy. If you fall below the means test threshold or below a threshold amount that is calculated based on IRS reported income figures for your county, you can still seek debt relief by filing a Chapter 7. If you are above the threshold amount, you must file a Chapter 13 Bankruptcy.
Colorado Homestead Exemption
Colorado has passed a new bill which increases the exemptions available to Colorado residents from $45,000 to $60,000 ($90,000 if elderly). Also improved are exemptions for autos, jewelry, and tools of trade. Because Colorado is an opt-out state, it has its own exemptions. In many instances, debtors eligible under the means test who file Chapter 7 Bankruptcy in Colorado don’t lose any of their assets.
Will I Lose My Assets?
If your debt is secured and you’re within exemption limits, you can keep such assets as your car and your house if you pay for them.
Contact Lindquist-Kleissler & Company, LLC to learn more about Chapter 7 Bankruptcy.