With economic pressures like inflation and job instability, more people are turning to bankruptcy as a potential solution. But is it the right choice for you?

As an experienced bankruptcy attorney, I often guide clients through this tough decision. Filing for bankruptcy isn’t a one-size-fits-all answer—it’s a legal tool that can provide relief now but comes with some long-term impacts. In this post, we’ll explore the pros and cons of filing bankruptcy, signs it’s time to consider it, alternatives, and when to seek professional advice. Remember, this is general information, not personalized legal advice. Consult a qualified bankruptcy lawyer to evaluate your situation.

What Is Bankruptcy and How Does It Work?

Bankruptcy is a federal legal process that helps individuals and businesses eliminate or restructure overwhelming debt. When you file, it triggers an “automatic stay,” halting most collection activities, lawsuits, and wage garnishments immediately.

There are two main types for individuals:

• Chapter 7 Bankruptcy: Often called “liquidation” bankruptcy, it wipes out unsecured debts like credit cards and medical bills. Non-exempt assets may be sold to pay creditors, but most people keep their essentials (e.g., home equity up to exemption limits).
• Chapter 13 Bankruptcy: A “reorganization” plan where you repay some or all debts over 3-5 years, ideal if you have steady income or want to protect assets like a home from foreclosure.

The choice between Chapter 7 and Chapter 13 depends on your income, assets, and debt type. For instance, if your income is below your state’s median, you may qualify for Chapter 7.

Signs You Should Consider Filing for Bankruptcy

Not everyone needs to file, but certain red flags suggest it’s worth exploring:

• Unmanageable Debt: If minimum payments exceed 50% of your income or you’re only paying interest without reducing principal.
• Harassment from Creditors: Constant calls, threats, or lawsuits from debt collectors.
• Maxed-Out Credit Cards: High balances with no repayment plan in sight.
• Foreclosure or Repossession Threats: You’re at risk of losing your home or car.
• Medical or Job Loss Debt: Unexpected expenses that spiraled out of control.

You are not alone. In 2025, individual Chapter 7 filings have climbed 15% in the first half of the year alone, reflecting broader financial strain. Total Bankruptcy Filings Increased 10 Percent in the First Half of 2025 — Epiq Global

If these signs resonate, bankruptcy could offer a fresh start—but let’s weigh the benefits and drawbacks first.

Pros of Filing for Bankruptcy

Filing bankruptcy has clear advantages, especially if debt is ruining your life. Here are the key pros:

1. Immediate Relief from Creditors: The automatic stay stops all collection efforts, giving you breathing room to regroup. Bankruptcy: How It Works, Types, and Consequences — Experian
2. Debt Discharge: Unsecured debts like credit cards, personal loans, and medical bills can be wiped out entirely in Chapter 7, potentially eliminating tens of thousands in obligations.Pros and Cons of Filing Bankruptcy — Debt.org
3. Fresh Financial Start: It allows you to rebuild without the weight of past debts, often leading to better financial habits long-term.
4. Potential Credit Improvement: If your score is already low due to delinquencies, bankruptcy can stabilize it faster than ongoing defaults. Scores can rebound to 700+ within 1-2 years with responsible behavior.Pros and Cons of Filing for Bankruptcy — LendingTree
5. Asset Protection: Exemptions shield essentials like your home (up to certain equity limits), car, retirement accounts, and personal items.

For many, these pros mean peace of mind and a path to financial stability.

Cons of Filing for Bankruptcy

While beneficial, bankruptcy isn’t without downsides. Consider these before deciding:

1. Credit Score Impact: Your score could drop 100-200 points initially and stay on your report for 10 years. Loans may be harder short-term but the impact quickly diminishes.
2. Asset Loss: In Chapter 7, non-exempt property (e.g., luxury items or second homes) could be sold.
3. No Discharge for All Debts: Student loans, child support, recent taxes, and secured debts (like mortgages) often survive bankruptcy.Bankruptcy — WashingtonLawHelp.org
4. Filing Fees and Costs: Court fees start at $300-$400, plus attorney fees ($2,000-$3,500 typically). It’s not “inexpensive bankruptcy,” despite searches for affordable options.
5. Emotional and Social Stigma: Some feel shame, though it’s a common tool—over 400,000 non-business filings occurred in the year ending June 2025. Bankruptcy Filings Rise 11.5 Percent Over Previous Year — U.S. Courts (Published July 31, 2025). Think of it as a business decision.

Chapter 7 vs. Chapter 13: Which Is Right for You?

• Chapter 7: Best for low-income filers with mostly unsecured debt. Process takes 4-6 months; most debts discharged.
• Chapter 13: Suited for higher earners or those with assets to protect. Requires a repayment plan but lets you catch up on mortgages.

Alternatives to Filing Bankruptcy

Before jumping to bankruptcy, explore these options. They might resolve your debt without the long-term credit hit:

1. Credit Counseling: Non-profit agencies review your finances and create a budget. It’s required pre-bankruptcy anyway and often free or low-cost.
2. Debt Consolidation: Combine debts into one loan with lower interest. Good if you have decent credit; reduces monthly payments. Personal Bankruptcy Inquiries Surging? Alternatives to Consider Now — CBS News
3. Debt Management Plan (DMP): Through counseling, negotiate lower rates and fixed payments. Takes 3-5 years but avoids bankruptcy.
4. Debt Settlement: Negotiate to pay a lump sum less than owed. Risky—can damage credit and trigger taxes on forgiven debt—but cheaper than full repayment. Alternatives to Bankruptcy — AF Morgan Law
5. Negotiate Directly with Creditors: Many accept hardship plans or reduced settlements. Or, build a strict budget and emergency fund to pay down debt organically. Here’s your clickable link: Alternatives to Bankruptcy — TexasLawHelp.org
6. Balance Transfer Cards: For smaller debts, transfer to 0% APR cards temporarily.

Our office can help you with debt settlement and direct negotiation with creditors, alternatives to bankruptcy. These alternatives work best for manageable debt and a good source of income or asset. If creditors are suing or garnishing wages, bankruptcy might be unavoidable.

When Should You Consult a Bankruptcy Attorney?

You shouldn’t decide alone—should I file for bankruptcy? It is too complex for DIY. A bankruptcy lawyer can:

• Assess eligibility and exemptions.
• Maximize debt discharge.
• Navigate paperwork to avoid denial.

With filings surging in 2025, experienced attorneys are busier, so act soon. July US Corporate Bankruptcy Filings Hit Highest Monthly Total in 5 Years — S&P Global

Final Thoughts: Is Bankruptcy Right for You?

Deciding should I file for bankruptcy boils down to your financial picture. If debt is insurmountable and alternatives fail, it can provide the relief you need. But with rising filings in 2025, it’s clear many are facing similar struggles— you’re not alone.

At LONG & LONG P.C. we specialize in helping clients like you explore options, from alternatives to bankruptcy to full Chapter 7 or 13 filings. Take the first step toward financial freedom—call now at 303-832-2655 or use our website contact link to schedule your free consultation. What Is Bankruptcy? A Complete Guide to Understanding Your Options

Disclaimer: This post is for informational purposes only and not legal advice. Bankruptcy laws vary by state and situation.

If you’re considering filing for bankruptcy in Colorado, understanding state-specific exemptions is crucial. These exemptions determine what property you can keep during Chapter 7 or Chapter 13 bankruptcy. Colorado opts out of federal exemptions, meaning residents must use the state’s generous protections for homes, vehicles, retirement accounts, and more. Attorney Martin Long is a former Trustee for the U.S. Bankruptcy Court. At LONG & LONG, our experienced Denver bankruptcy attorneys and Centennial bankruptcy lawyers help clients maximize these exemptions to safeguard their assets and achieve a fresh financial start.

Whether you’re facing overwhelming debt or need guidance on the bankruptcy process in Colorado, contact us today at 303-832-2655 for a free consultation in Denver or Centennial.

Why Bankruptcy Exemptions Matter

In Chapter 7 bankruptcy, non-exempt assets may be liquidated to pay creditors, but exemptions protect essential property. In Chapter 13 bankruptcy, exemptions influence your repayment plan. Colorado’s exemptions are adjusted periodically and can often be doubled for married couples filing jointly (unless noted otherwise). Note: These apply to cases filed in 2025; always consult a professional for personalized advice.

Below is a comprehensive list of Colorado bankruptcy exemptions based on current statutes.

Key Colorado Bankruptcy Exemptions for 2025

Use the table below for a quick overview or read the detailed sections for conditions.

Homestead Exemption Details

Protect your primary residence or mobile home with up to $250,000 in equity. This rises to $350,000 for seniors or those with disabilities, making Colorado one of the more protective states for homes.

Vehicle and Tools Exemptions

Keep your car or truck safe with the $15,000 motor vehicle exemption ($25,000 for eligible filers). For business owners, the robust tools of the trade exemption cover essential equipment up to $60,000.

Personal Property and Other Exemptions

Everyday items like clothing, food, and household goods have specific limits, but most essentials are covered. Retirement accounts are fully protected to secure your future.

Doubling Exemptions for Married Couples

In joint filings, many exemptions (e.g., personal property) can be doubled for shared assets. However, homestead and agricultural exemptions cannot. Our Denver metro and Centennial bankruptcy lawyers at LONG & LONG can help you navigate these rules.

No Wildcard Exemption in Colorado

Unlike some states, Colorado does not offer a wildcard exemption for flexible asset protection. Focus on categorizing your property correctly.

Contact LONG & LONG for Bankruptcy Help

Bankruptcy exemptions can be complex, and mistakes could cost you valuable assets. Located in Denver, Colorado and Centennial, Colorado, and serving Aurora and the Front Range, LONG & LONG specializes in Colorado bankruptcy law. Call 303-832-2655 today to discuss your options with a trusted Denver bankruptcy attorney.

👉 Using the Colorado Homestead Exemption in Bankruptcy

Related Resources:

• Colorado Bankruptcy Court
• Official Colorado Statutes

What Does Bankruptcy Do?

Bankruptcy is a legal process governed by federal law that helps individuals and businesses manage or eliminate debts they cannot pay. It provides a fresh start by either discharging (eliminating) certain debts or restructuring them into a manageable repayment plan. When you file for bankruptcy, an automatic stay immediately stops most creditor actions, such as collection calls, lawsuits, wage garnishments, and foreclosures, giving you time to address your financial situation.

Types of Bankruptcy for Individuals

Before diving into the process, it’s important to know the two main types of bankruptcy for individuals: Chapter 7 and Chapter 13. Each works differently and suits different financial situations.

• Chapter 7 (Liquidation): This eliminates most unsecured debts (e.g., credit cards, medical bills) by liquidating non-exempt assets to pay creditors. It’s ideal for those with low income and few assets.
• Chapter 13 (Repayment Plan): This allows you to keep your property while repaying debts over 3–5 years. It’s suited for those with regular income who want to protect assets like a home or car.

How Does Bankruptcy Work? A Step-by-Step Guide

The bankruptcy process varies slightly depending on whether you file Chapter 7 or Chapter 13, but here’s a general overview of the key steps:

Step 1: Evaluate Your Financial Situation

Start by assessing your debts, income, expenses, and assets. Consulting a bankruptcy attorney is crucial at this stage. They’ll help determine if bankruptcy is the best option or if alternatives like debt settlement or credit counseling might work better. A qualified attorney can also recommend whether Chapter 7 or Chapter 13 is right for you.  

Step 2: Complete Credit Counseling

Before filing, you must complete a credit counseling course from an approved agency. This course, which takes about 1–2 hours, reviews your financial situation and explores debt relief options. You’ll receive a certificate of completion, which must be filed with your bankruptcy petition.

Step 3: File the Bankruptcy Petition

Filing begins with submitting a bankruptcy petition to the federal bankruptcy court in your district. This includes detailed forms listing your income, expenses, assets, debts, and financial transactions. Once filed, the automatic stay takes effect, halting creditor actions. Your attorney will ensure all paperwork is accurate to avoid delays or complications.  https://www.uscourts.gov/court-programs/bankruptcy

Step 4: Meet with the Bankruptcy Trustee

After filing, a bankruptcy trustee is appointed to oversee your case. You’ll attend a 341 meeting of creditors (named after Section 341 of the Bankruptcy Code), typically 20–40 days after filing. At this meeting, the trustee and creditors (if they attend) ask questions about your finances under oath. Your attorney will prepare you for this straightforward process, which usually lasts 10–15 minutes. https://www.cacb.uscourts.gov/video/bankruptcy-basics-part-5-creditors-meeting

Step 5: Follow the Bankruptcy Process

The next steps depend on your bankruptcy type:

Chapter 7: The trustee reviews your assets to determine if any non-exempt property can be sold to pay creditors. In most cases, filers keep all their property due to exemptions. After 60–90 days, eligible debts are discharged, meaning you’re no longer obligated to pay them. The entire process typically takes 4–6 months. https://www.irs.gov/businesses/small-businesses-self-employed/bankruptcy-frequently-asked-questions

Chapter 13: You propose a repayment plan, which the court must approve. You’ll make monthly payments to the trustee, who distributes funds to creditors. The plan lasts 3–5 years and remaining eligible debts may be discharged upon completion.  https://www.weltman.com/publication-your-top-chapter-7-and-13-bankruptcy-questions-answered

Step 6: Complete a Financial Management Course

Before receiving a discharge, you must complete a debtor education course (different from the initial credit counseling). This course teaches budgeting and financial management skills to help you avoid future debt problems. You’ll file a certificate of completion with the court.

Step 7: Receive Your Discharge

Once all requirements are met, the court issues a discharge order. In Chapter 7, this wipes out eligible debts. In Chapter 13, it eliminates remaining eligible debts after completing the repayment plan. Note that some debts, like student loans, child support, and certain taxes, are typically not dischargeable. https://www.justice.gov/ust/bankruptcy-information-sheet-0

What Happens After Bankruptcy?

After bankruptcy, you can start rebuilding your financial life. While bankruptcy stays on your credit report for 7–10 years (7 for Chapter 13, 10 for Chapter 7), its impact lessens over time. To rebuild credit, focus on paying bills on time, maintaining a low debt-to-income ratio, and using secured credit cards responsibly. https://www.boginmunns.com/faqs/bankruptcy-frequently-asked-questions/

Bankruptcy also offers a fresh start, free from the stress of unmanageable debt. You may be able to qualify for certain loans, like FHA mortgages, as soon as 1–2 years after filing, depending on your situation.

Why Work with LONG & LONG?

Attorney Martin E. Long is a former Bankruptcy Trustee for the U.S. Bankruptcy Court, District of Colorado. Navigating bankruptcy can be overwhelming, but you don’t have to do it alone. At LONG & LONG, our compassionate bankruptcy attorneys in Denver, Colorado have helped countless clients throughout Colorado achieve debt relief through Chapter 7 and Chapter 13. We provide personalized guidance, from filing your petition to securing your discharge, ensuring a smooth process.

Ready to take control of your finances? Contact us today for a free consultation. Call 303-832-2655 or fill out our online contact form to schedule an appointment. Let us help you start your journey to a debt-free future.

Frequently Asked Questions About Bankruptcy

Will I lose everything if I file for bankruptcy?

No. Exemptions protect certain assets, like your home, car, and personal belongings, in most cases. An experienced bankruptcy attorney will maximize what you keep.

 Common Bankruptcy Questions

How long does bankruptcy take?

Chapter 7 typically takes 4–6 months, while Chapter 13 lasts 3–5 years due to the repayment plan.  https://hallnavarro.com/11-common-bankruptcy-questions-answered/

Can bankruptcy stop foreclosure?

Yes, the automatic stay can temporarily halt foreclosure, and Chapter 13 can help you catch up on missed payments.

Don’t let debt control your life. Contact LONG & LONG at 303-832-2655 or through this website. You will receive a quick response today to learn how bankruptcy works and explore your path to financial freedom./bankruptcy-blog/chapter-7-vs-chapter-13-bankruptcy/

What Is an Asset Transfer in Bankruptcy?

An asset transfer occurs when you give away, sell, or move property (e.g., cash, real estate, vehicles, or personal belongings) out of your name before filing for bankruptcy. Common examples include:

• Transferring a car title to a relative.
• Moving money from your bank account to someone else’s.
• Selling property to a friend for less than its market value.
• Paying off a loan to a family member while ignoring other creditors.

While you might think these actions safeguard your assets, bankruptcy courts view them as potential attempts to hide wealth from creditors, which can trigger severe penalties.

Why Transferring Assets Is Dangerous

Bankruptcy laws are designed to ensure fairness for both debtors and creditors. When you file for Chapter 7 or Chapter 13 bankruptcy, the court examines your financial transactions—often going back several years—to determine if you’ve acted in good faith. Transferring assets before filing can lead to the following risks:

A fraudulent transfer occurs when you move assets to avoid paying creditors or to keep them out of the bankruptcy estate. There are two types:

1. Accusations of Fraudulent Transfers

• Actual Fraud: Intentionally hiding assets to deceive creditors or the court.
• Constructive Fraud: Transferring assets for less than fair value, even without malicious intent, when you’re insolvent.

Consequences:

• The bankruptcy trustee can reverse the transfer, recovering the asset for creditors.
• Your bankruptcy discharge (debt relief) may be denied, leaving you liable for debts.
• In rare cases, fraudulent transfers can lead to criminal charges for bankruptcy fraud.

Example: You transfer your $20,000 car to your sibling for $1,000 a month before filing. The trustee can undo the transfer, seize the car, and possibly deny your discharge.

2. Loss of Exemptions

Bankruptcy laws allow you to protect certain assets through exemptions (e.g., a portion of home equity, a car, or personal belongings). However, if you transfer an asset, you lose the ability to claim it as exempt, and the trustee may still pursue it.

Example: You give your paid-off car to a friend to avoid losing it in Chapter 7. The trustee reverses the transfer, sells the car, and you lose both the asset and any exemption you could have claimed.

3. Denial of Bankruptcy Discharge

The court expects honesty in your bankruptcy filing. Transferring assets to hide them can be seen as bad faith, leading to:

• Denial of your discharge, meaning you remain responsible for all debts.
• Dismissal of your case, wasting time and legal fees.

Example: Paying off a $10,000 loan to your parents right before filing can be viewed as favoring one creditor over others, risking your entire case.

4. Preference Payments Issues

A preferential transfer occurs when you pay one creditor (especially a friend or family member) over others before filing. The trustee can claw back these payments to redistribute them fairly among creditors.

Example: You repay a $5,000 personal loan to your cousin six months before filing. The trustee demands your cousin return the money to the bankruptcy estate, creating family tension and legal costs.

5. Criminal Penalties for Bankruptcy Fraud

In extreme cases, intentionally hiding assets through transfers can lead to bankruptcy fraud, a federal crime. Penalties include:

• Fines up to $250,000.
• Up to 7 years in prison.

Example: Transferring $50,000 to an offshore account to hide it from the court could trigger a fraud investigation if discovered.

How Far Back Does the Court Look?

Bankruptcy trustees have the authority to review your financial transactions for a specific period before your filing, known as the look-back period:

• 90 Days: For preferential transfers to regular creditors (e.g., credit card companies).
• 1 Year: For preferential transfers to “insiders” (e.g., family, friends, or business partners).
• 2 Years: For fraudulent transfers under federal bankruptcy law.
• Up to 4 Years or More: Some states, like Colorado,  have longer look-back periods under their fraudulent transfer laws (e.g., Colorado’s  Uniform Fraudulent Transfers Act).

Even small transfers can be scrutinized, so transparency is critical.

Common Asset Transfer Mistakes to Avoid

Here are some actions debtors often take, mistakenly thinking they’re safe:

1. Gifting Assets to Relatives: Giving your house or car to a child or sibling to “keep it in the family.”
2. Selling Below Market Value: Selling property to a friend for a fraction of its worth.
3. Moving Money Around: Transferring cash to a new account or someone else’s name.
4. Paying Off Favored Debts: Settling debts with family or friends while ignoring other creditors.
5. Hiding Assets in Trusts: Placing assets in a trust without proper legal guidance, thinking they’re protected.

Why These Fail: Trustees are trained to spot suspicious transactions, using bank records, property deeds, and other documents to uncover transfers.

How to Protect Assets Legally

Instead of transferring assets, work with a bankruptcy attorney to protect your property within the law. Here’s how:

1. Use Exemptions: Most states offer exemptions to shield assets like your home, car, or retirement accounts. For example, federal exemptions (as of 2025) allow you to protect up to $27,900 in home equity per person.
2. Plan Your Filing Timing: Strategically timing your bankruptcy can minimize the impact on recent assets, like tax refunds or bonuses.
3. Disclose Everything: Full transparency with your attorney and the court prevents accusations of hiding assets.
4. Avoid Last-Minute Moves: Don’t make large financial changes (e.g., selling property) in the year before filing without legal advice.
5. Consider Chapter 13: If you have valuable non-exempt assets, Chapter 13 allows you to keep them while repaying creditors over 3-5 years.

What to Do If You’ve Already Transferred Assets

If you’ve made a transfer and now worry it could affect your bankruptcy, don’t panic—but act quickly:

1. Consult a Bankruptcy Attorney Immediately: An experienced lawyer can assess the transfer and suggest ways to mitigate damage.
2. Be Honest: Disclose all transfers to your attorney and the court. Hiding them increases the risk of penalties.
3. Document the Purpose: If the transfer was for a legitimate reason (e.g., paying a reasonable debt), provide evidence to support your case.
4. Prepare for Clawbacks: If the trustee reverses a transfer, the recipient may need to return the asset or its value.

Conclusion: Honesty Is the Best Approach

Transferring assets before filing bankruptcy might seem like a way to protect your wealth, but it’s a risky move that can backfire. From fraudulent transfer accusations to denial of discharge or even criminal charges, the consequences outweigh any short-term benefits. Instead, work with a trusted bankruptcy attorney to safeguard your assets legally through exemptions, proper planning, and full transparency.

Facing bankruptcy and worried about your assets? Contact our experienced bankruptcy attorneys now at LONG & LONG, (303) 832-2655, for a free consultation. We’ll help you navigate the process, protect what matters, and secure your financial fresh start.

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What Are Bankruptcy Chapters?

When financial difficulties arise, individuals can file for bankruptcy under Chapter 7, Chapter 11, Chapter 12, or Chapter 13 of the U.S. Bankruptcy Code. Filing a petition in bankruptcy court places your case under the supervision of a bankruptcy judge. However, a bankruptcy trustee typically manages the process, handling either the liquidation of non-exempt assets (Chapter 7) or overseeing a repayment plan (Chapter 13). This guide focuses on the bankruptcy process for Chapters 7 and 13, explaining what happens to your property during and after bankruptcy.

 A debtor will usually have little interaction with the judge or even the creditors as the trustee handles most aspects of the petition and case. There are other chapters of the bankruptcy code such as Chapter 11 (reorganization) or Chapter 12 (farmers and fishermen), but the focus of this blog will be on Chapters 7 and 13.

Property Under Chapter 7

A Chapter 7 bankruptcy is entitled “Liquidation.” It involves a discharge of the debtor’s debts in a short time-frame and a liquidation of the non-exempt debtor’s assets. A Chapter 7 case is a complex measure, and should be considered carefully with the guidance of highly experienced legal counsel.  The Chapter 7 trustee will oversee a sale of non-exempt assets and distribution of all monies to the creditors and the bankruptcy judge will enter a discharge order of the creditor’s claims. Therefore, it is important to have experienced legal counsel who can assist in pre-bankruptcy planning and converting non-exempt assets into exempt assets.

Colorado observes an “opt-out” provision meaning that debtor’s must use the Colorado exemptions in a Chapter 7 case in lieu of federal bankruptcy exemptions. Some common Colorado exemptions under Chapter 7 are:

• Homestead (you may keep a portion of the equity in your home, ($250,000 or up to $350,000)or a certain amount of the proceeds of the sale)
• Reasonable amounts for alimony, support, and maintenance
• Pension and retirement benefits
• Insurance benefits to some degree
• Motor vehicle (your motor vehicle may be exempt if the equity is less than or equal to the exemption amount)

There are many other exemptions under Colorado law. Filing the petition, properly listing exempt property, and following the strict procedural guidelines is a complex process which is best approached with an experienced bankruptcy attorney. Legal counsel should be retained if contemplating a bankruptcy to protect your rights as a debtor in the proceedings.

Property Under Chapter 13

A Chapter 13 bankruptcy is also known as a wage earner’s plan and is available for individuals within a set income bracket. Under Chapter 13, an individual may be able to save their homes from foreclosure by “catching-up” on payments. Upon filing a Chapter 13 petition, a legal procedure known as an automatic stay takes effect. This stay prevents creditors from continuing collection actions against the debtor, including an upcoming foreclosure. However, debtors should be aware that if a bank completes the foreclosure proceedings before filing a petition then the stay will not stop the foreclosure. A debtor must file the petition before the foreclosure sale. A debtor may be able to keep some or most of their property in a Chapter 13 bankruptcy. The trustee will consolidate the creditor’s claims and disburse payments from the debtor to them under a repayment plan over the course of three to five years.

Contact your Denver Bankruptcy Attorney

As a former trustee for the U.S. Bankruptcy Court, with over thirty years’ experience, Bankruptcy Attorney Martin Long is an expert in the industry with decades of experience in Bankruptcy Law in Centennial, Colorado. We also serve Aurora, Loveland, Highlands Ranch, Denver, Littleton, Castle Rock, Colorado Springs, Colorado and the Denver metro area. For help with your financial matter, contact the Law Office of Long & Long. For a free initial consultation (via phone, Zoom, or office) call 303-832-2655 now.

If you have significant debt, you may already be aware that filing for bankruptcy can ease this pressure and serve as an avenue towards debt relief. To keep expenses as low as possible in this already financially strenuous time, you may be wondering if filing for bankruptcy is possible without an attorney. The short answer is: yes, you technically can do it yourself, however by not consulting an attorney you take on a number of risks that can easily be avoided. Filing on your own is possible, although consulting an attorney for advice at the very least is strongly recommended. If you or a loved one is currently facing a debt crisis, consider the risks below, then contact Denver & Centennial bankruptcy attorneys Long & Long for advice before attempting to file on your own.

The Risks of Not Using An Attorney for Bankruptcy

If you are determined to file for bankruptcy on your own, it is critical to not overlook any aspects of the process. Since bankruptcy is often time-sensitive, making one mistake can not only set you back even further financially, but can give creditors access to your wages, personal bank accounts, and assets while you are struggling to correct your mistakes. Potential mistakes in the filing process include, but are not limited to:

• Missing key information or necessary documents
• Filing the wrong chapter of bankruptcy
• Not considering other options like debt consolidation
• Not qualifying for bankruptcy
• Not needing to file for bankruptcy in the first place
• Not meeting venue requirements
• Claiming the wrong exemptions
• Discharge denied

Given the unique nature of each bankruptcy case, a variety of things must be evaluated before gathering information and ultimately submitting your filing. In addition to deciding which chapter to file for, and gathering the necessary documents, consider that bankruptcy may not even be the right solution for you!

Are You Worried About the Cost of an Attorney?

Worried about the cost? Your Denver bankruptcy attorney at Long & Long understands that this is a financially strenuous time for you and has helped many clients in very similar situations. It is important to think of working with a bankruptcy attorney as an investment that will make your debt relief process made simple and lead to financial security and peace of mind. At Long & Long, we offer a range of options including payment plans, flat fees, and having your fees potentially absorbed into your chapter 13 payment plan, depending on your scenario. For more details, please contact us at 303-832-2655 or fill out the Justia form for a free consultation.

Why an Attorney is Worth It – And Then Some

Bankruptcy attorneys in Denver deal with situations like yours on a daily basis and know the bankruptcy process inside and out. Whether you cannot meet credit card payments, are falling behind on your mortgage, or are completely insoluble, your Denver bankruptcy attorney will serve as a trusted advisor in your time of need. By creating a custom plan from the ground-up and taking the responsibility out of your hands, from the moment you contact a bankruptcy attorney you will be on the right track towards a financially stable future

Don’t Do It Alone! Contact Denver Bankruptcy Attorneys Long & Long

As a former trustee for the bankruptcy court, Martin Long has over 35 years of  experience dealing with bankruptcy matters. Although your scenario is unique, the Denver bankruptcy attorneys at Long & Long have seen hundreds of very similar cases in the past. You trust doctors with your health, so trust a bankruptcy professional with your debt matters! Many of our clients are struggling financially,  we will create a payment plan that works for you. Contact us now for a free consultation!