Fort Collins Bankruptcy Attorney
Effective Debt Relief & Bankruptcy Solutions
Deciding whether to declare bankruptcy is an extremely emotional and stressful decision. First of all, if you are facing a financial crisis, you should not panic. Many Americans struggling with debt put off taking action for months and even years before reaching out for help. Bankruptcy is supposed to allow for a fresh start – and waiting only depletes your assets and makes it harder to start anew post-bankruptcy.
If you are facing bankruptcy, you will need the help of a professional to guide you through the process. As a Fort Collins bankruptcy attorney with over a decade of experience practicing in this area of the law, I can help you complete the process as efficiently as possible. I can inform you of rights, lay out all your available options, and explain how each option will affect you.
Contact our firm, Levi A. Brooks, Attorney at Law, at (970) 293-8371 today for a free initial consultation with our Fort Collins bankruptcy attorney.
Evaluate Your Options
Even if you are on the verge of bankruptcy, there still may be alternatives available depending on the types of debt you have and your specific circumstances. Here are some options that you may want to consider with the help of your Fort Collins bankruptcy lawyer.
You may be able to negotiate with your individual creditors to get a lower interest rate or more affordable monthly payments. Many creditors will want to cooperate because they want guaranteed payments, even if it means getting less than what they are owed. Negotiating a payment plan or lower rate may be in the best interest of both parties.
If you have multiple high-interest loans, you may be able to combine your multiple debts into a single loan with one interest rate.
Should I File for Chapter 7 or Chapter 13?
After you have decided that declaring bankruptcy is the right decision for you, the next step is determining with your Fort Collins bankruptcy attorney which type of bankruptcy to file. Each type has its own laws, restrictions, and penalties. There are two main options for personal bankruptcy in Colorado: Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is what most people think of as traditional bankruptcy and is frequently referred to as “liquidation bankruptcy.” Chapter 7 bankruptcy will discharge most of your unsecured debt, which includes personal loans and credit cards. Additionally, you can protect the equity in your property up to certain limits. Over those limits, the court may require some of your property to be liquidated for the benefit of your creditors.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is often referred to as “reorganization bankruptcy.” This type of bankruptcy sets you up on a repayment plan to pay creditors back over a period of three to five years. To be eligible for Chapter 13 bankruptcy, you need to have regular income. No property is required to be liquidated when you file Chapter 13 bankruptcy.
Can You File Bankruptcy on Medical Bills in Colorado?
No, you cannot file bankruptcy just to alleviate yourself from medical debt. All debt must be taken into account to properly file. While filing for bankruptcy can still help rid yourself of any medical expenses, you will need to include any other debts such as credit cards or school loans.
Choose Fort Collins Bankruptcy Lawyer Levi A. Brooks
Bankruptcy can be a lengthy and challenging process.It can be life-changing to have the right Fort Collins bankruptcy attorney by your side. I treat every client with dignity and will work with you to determine your best options.
Contact my firm at (970) 293-8371 today to speak with an experienced Fort Collins bankruptcy lawyer.
“An amazing attorney and a human being.” - M.V.
“Very professional and very knowledgeable attorney.” - Former Client
“I highly recommend him.” - Jorge