Personal Finance Guide

There are a lot of questions to be answered when it comes to filing for bankruptcy: which type should I file – Chapter 7 or Chapter 13?; will I get to keep my home, my car and my belongings?; will the bill collectors stop calling me?; how long will my credit be affected?… The list can go on and on and if you don’t have the necessary help you may never get the right answers to some of these questions.

The first thing to do if you want to find out if filing a bankruptcy is the right decision for you is to schedule a meeting with one of the best bankruptcy attorneys in Denver. Select from the Denver bankruptcy attorneys that have a great reputation in the community as well as a lot of history working with bankruptcies.

Any of the reputable bankruptcy lawyers in Denver will be able to gauge your situation very quickly and advise the proper path for you to take on the road to a steadier financial future. They’ll be able to tell you which type of personal bankruptcy your situation would ideal fall into – Chapter 7, which is the liquidation of your assets in order to pay off your debt or Chapter 13, which requires the restructuring of your debt to satisfy creditors.

You may be a good candidate for Chapter 7 if you have very tiny in the way of property or very little equity in your home and if the money that you bring home doesn’t even meet your regular necessary expenses each month (like rent and grocery bills). This form of bankruptcy is generally much quicker, but you’ll very likely lose much if not all of your belongings aside from those necessary for survival.

Your Denver bankruptcy attorney might advocate Chapter 13 bankruptcy if you’ve a fair amount of equity in your home and if you have a job that pays you enough to meet most of your monthly obligations to the point that you are mainly falling behind on unsecured debt like credit cards. This type of bankruptcy will not discharge your debt, you will still need to make a monthly payment but it will be to a bankruptcy trustee who will redistribute it to your creditors. The payoff time for Chapter 13 bankruptcies is often between three and five years, but you’ll most likely be able to keep all of your belongings so for many, this is the bankruptcy of choice.

Your unique situation might have many more subtle factors that determine a more clear cut choice, but a good Denver bankruptcy attorney will most certainly be able to steer you in the right direction and help you back on the road to good credit.

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