Discover How Chapter 13 Dischargeable Debts In Colorado Can Lead You Towards A Debt-Free Life.
Are you struggling with overwhelming debts and seeking a way to regain control of your financial future? Just like you, many individuals in Colorado face the challenges of debt, but the good news is that there’s a legal pathway that offers relief and a fresh start – Chapter 13 Bankruptcy. However, navigating the complexities of Chapter 13 Dischargeable Debt in Colorado requires the help of an experienced bankruptcy attorney who can guide you through the process and help you attain the much-needed debt relief you deserve.
At the Law Office of Clark Daniel Dray, we’re here to support you with your bankruptcy concerns. Our skilled legal team is ready to provide the assistance you need in finding relief from debt. In more challenging cases, we can help you navigate the process of getting rid of debts that are usually not eligible for discharge, like student loans.
Over the years, we’ve successfully managed numerous Chapter 7 and Chapter 13 bankruptcy cases. Our goal is to provide tailor-made bankruptcy and debt relief services, designed specifically to assist you in overcoming your financial hurdles and start a new life free from debt. If you’re facing financial challenges, don’t hesitate to reach out to us today.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a legal process that allows you with a regular income to restructure your debt manageably. It is also known as a “wage earner’s plan” because it is geared towards those who have a consistent source of income but are unable to handle your debts. Chapter 13 bankruptcy is a good option for you who want to keep your assets and who have a stable income but cannot manage or repay all of your debts.
Do I Qualify To File Chapter 13 Bankruptcy In Colorado?
To qualify for Chapter 13 bankruptcy, you must have a regular income, and your unsecured debt should not exceed a certain amount. If you find it difficult to pay your bills while managing calls from debt collectors, a consultation with a credit counselor or a bankruptcy lawyer can be helpful. These people will help you understand your options and determine whether Chapter 13 bankruptcy is the right path for you.
What Is The Process For Filing Chapter 13 Bankruptcy?
The process for filing Chapter 13 bankruptcy in Colorado involves several steps, as outlined below:
- Complete debt counseling: To be eligible for Chapter 13 bankruptcy, you will need to complete debt counseling, which helps you determine an appropriate monthly budget.
- Hire an experienced bankruptcy lawyer: Filing a petition under Chapter 13 demands the valuable skills and strategic abilities of an experienced bankruptcy lawyer. The right attorney can save you thousands of dollars and is an investment well worth the expense.
- File a petition: Your attorney will file a petition with the Colorado Bankruptcy Court on your behalf.
- Submit a written plan: With the help of your lawyer, you will submit a written plan to repay all or a portion of your debts. The repayment plan is submitted to the bankruptcy court for approval.
- Make monthly payments: The debtor is required to make monthly payments to the Chapter 13 trustee, who disburses a portion of the debtor’s plan payment to creditors according to the plan’s terms. Your attorney will help you determine the amount of your monthly payments.
- Attend a meeting of creditors: You will be required to attend a meeting of creditors, where you will answer questions under oath about your financial affairs.
- Complete a post-filing debtor education course: To receive a discharge in Chapter 13 bankruptcy, you must complete a Post-Filing Debtor Education Course and have your attorney file the course certificate with the court.
- Receive a discharge: When all monthly plan payments have been made, the Colorado Bankruptcy Court will discharge a majority of the debtor’s unsecured debts.
Filing for Chapter 13 bankruptcy in Colorado is a complex process that requires the assistance of a knowledgeable bankruptcy lawyer. At the Law Office of Clark Daniel Dray, we can help you navigate the process and ensure that you receive the maximum benefits available under the law.
What Are Dischargeable Debts?
Dischargeable debts refer to debts that can be eliminated or forgiven through the bankruptcy process. When you successfully complete the bankruptcy proceedings and receive a discharge, you are no longer legally obligated to repay these debts. This means creditors cannot pursue any further collection actions or legal remedies to recover the discharged debts.
What Are The Chapter 13 Dischargeable Debts In Colorado?
Chapter 13 bankruptcy is a type of debt reorganization that allows individuals with regular income to create a repayment plan for their debts over a period of three to five years. At the end of the repayment plan, certain eligible debts may be discharged, relieving you of the legal obligation to repay them.
These are the chapter 13 dischargeable debts in colorado:
- Credit card debts: Credit card debts, with some exceptions, are treated as unsecured claims when you file for bankruptcy. Occasionally, a credit card will be secured with collateral, but in most cases, debts accrued on a credit card are not secured, and they will be discharged through Chapter 7 or Chapter 13 bankruptcy.
- Medical bills: When you file for Chapter 13 bankruptcy, your medical bills will be classified as unsecured debts, meaning they are not backed by collateral. These debts will be included in your repayment plan and you will make monthly payments to a bankruptcy trustee who will distribute the funds to your creditors, including medical providers.
- Personal loans: Personal loans from friends, family, or employers are debts that can be discharged in the case of bankruptcy. A discharge releases individual borrowers from the legal obligation to pay previously existing debts.
- Payday loans: Payday loans can be partially discharged in a Chapter 13 filing. Bankruptcy courts will require you to repay your debt through a set repayment plan.
Payday loans are like other unsecured loans and may be included in this payment method. You might even be able to discharge some of these payday loans if there’s evidence that it would put too much pressure on your finances under a hardship provision such as economic distress or unemployment.
- Certain tax debts: Some older income tax debts may be dischargeable, but more recent tax debts or certain tax related obligations may not be eligible for discharge.
- Utility bills: Unpaid utility bills, such as past-due electricity or water bills may be dischargeable in Chapter 13 bankruptcy.
Now that you have identified the debts that may qualify for discharge, it’s essential to seek guidance from an experienced bankruptcy lawyer. At the Law Office of Clark Daniel Dray, we can help you understand which debts can be discharged based on your particular circumstances. Whether your debts can be settled through bankruptcy or outside of it, the assistance of our bankruptcy lawyers will be invaluable in finding the best possible solution for your financial situation.
Get Debt Relief With Chapter 13 Dischargeable Debt Colorado – Call Our Bankruptcy Lawyers Now!
Facing a challenging financial situation that requires selling your hard-earned assets can be disheartening. Discover how chapter 13 dischargeable debt in Colorado can lead you towards a debt-free life. Seek the legal guidance of our experienced bankruptcy lawyers to get you started.
At the Law Office of Clark Daniel Dray, we are committed to helping you get a fresh start by liberating you from both secured and unsecured debts through a bankruptcy filing. We will guide you through the procedure, ensuring that you receive the legal service you deserve.
Take the first step towards debt relief and a brighter financial future. Don’t hesitate to reach out today. Speak with a knowledgeable bankruptcy lawyer and arrange a free legal consultation at one of our offices in Boulder, Broomfield, Denver, Greenwood Village, Golden, Littleton, Louisville, or Lone Tree, Colorado. Contact us now!
Aside from Chapter 13 Bankruptcy, we also offer the following legal services: