If you are about to file for bankruptcy in Denver, the actions you take or omit can greatly impact the outcome of your case. By preparing for what lies ahead, you may be able to save yourself from dismissal of your case or your discharge being denied.

Some points to keep in mind

Here are five important tips you should follow if you plan on filing for Chapter 7 or Chapter 13 bankruptcy in Colorado:

1. Hire a skilled attorney: The Bankruptcy Code is not simple. It is highly complex and not for the faint of heart. Hire the most experienced bankruptcy attorney you can find. The ideal candidate has vast experience handling bankruptcy cases similar to your own. Bankruptcy is an incredible financial bargain, so hire the best.

1. Understand your options: It is important to understand that you have a few options when it comes to discharging debt. If you have a consistent income and significant non-exempt assets, you may best off hiring an attorney to settle your debts. Alternatively, you may want to declare Chapter 13 bankruptcy and pay your creditors a portion of what is owed over 3 to 5 years. Yet, if you qualify a third option is to discharge all unsecured debt like credit cards and medical bills by filing for Chapter 7 bankruptcy.

1. Be ready for filing fees: It’s common for applicants to be surprised by the credit counseling and filing fees. To ensure a smooth process, consult with your attorney about the court costs in addition to the attorney fees.

1. Know your debt and is it dischargeable: Remember that bankruptcy generally cannot discharge certain debts including recent taxes, student loans, spousal support, and child support.

1. Be honest: Bankruptcy can help you gain a fresh start. But you must be honest about your assets and debts with the trustee and the court. I always tell clients the filing of bankruptcy is a snapshot in time. So, be transparent and tell the court all of your assets and all of your debts; your monthly income and monthly expenses. If you are caught hiding property or money, you may be charged with fraud and could face serious criminal charges. Why take a chance? Honesty is always the best policy. Be honest and get your discharge.

The bankruptcy attorneys you need in Colorado

The right attorney can mean the difference between living debt free and facing criminal charges. With over thirty years’ experience, at Long & Long, our knowledgeable legal team is dedicated to protecting your rights and best interests throughout every stage of your case.