You’re in Debt, Now What?
No one expects to have to file for bankruptcy. However, when you have accumulated debts which far exceed your assets or earnings, and see no other viable option to put your financial life back together, bankruptcy can be an effective way to wipe the slate clean, and get you back on track with meeting your monthly bills and building the financial wealth you desire.
We understand that the process for filing for bankruptcy in Colorado can be confusing and intimidating. However, with the right plan and a little assistance from a Denver Bankruptcy Attorney, you can be on your way to having your petition for bankruptcy filed with and accepted by the court.
Some of the initial steps required in order to take action on a petition for bankruptcy in Colorado include:
Inventory your finances — Before starting the process with a bankruptcy attorney in Denver, it is a good idea to have a complete picture of exactly how much you owe to debtors, any cash or savings you have, expected earnings, etc.
File the paperwork — Once you have determined what type of bankruptcy you would like to petition for, you can file a petition with a bankruptcy lawyer in a federal district court in Colorado. You must pay a small fee along with the petition.
Attend Counseling — After you have filed your petition for bankruptcy with the help of a Colorado bankruptcy lawyer in the federal district court, you must undergo mandatory credit counseling with a pre-approved organization. Once you complete this counseling, you will receive a certificate.
Once you have completed the initial steps involved in filing your petition for bankruptcy in the federal district court, an automatic stay will be put on the collection of your accounts except for certain exempt obligations such as child support. Furthermore, a trustee for your case will be appointed and a meeting will be held with your creditors to determine how you should proceed in paying off your remaining obligations and get back on track to building your financial future.
There is no requirement that you be represented by a Colorado bankruptcy attorney throughout this process. However, having an experienced lawyer on your side can be invaluable in order to ensure your paperwork contains the correct information, you meet all the applicable deadlines, and your interested are represented during court proceedings. Additionally, getting the legal help you need during the first steps of the Colorado bankruptcy process may be affordable than you think.
If you would like more information about how the Colorado bankruptcy process would work for you, or to learn more tips about how you can get started toward hearing the words “case closed,” we urge you to contact the Colorado Bankruptcy Lawyers at Long & Long.