Chapter 13 bankruptcy laws provide an effective option for debt relief when people:
- Earn enough income and have a regular source of income
- Need to file for bankruptcy to get out from under serious debt but have a recent previous bankruptcy filing
- Want to be able to keep some of their personal assets when those assets would not qualify for protection under the bankruptcy exemptions in Chapter 7 cases.
Unlike Chapter 7 or “liquidation” bankruptcy, Chapter 13 bankruptcy may be referred to as “reorganization” bankruptcy because it essentially allows people to reorganize their debt and set up a payment plan for repaying their creditors.
Chapter 13 Bankruptcy Laws and the Repayment Plan
Among the various details outlined in Chapter 13 bankruptcy laws are:
- How people are to develop debt repayment plans
- What these plans need to include
- What happens after these plans are submitted to the court
- What happens if creditors (and/or the court) object to the proposed repayment plan.
In general, Chapter 13 bankruptcy laws require that these repayment plans:
- Set up a detailed schedule of how and when people will repay their outstanding debt. For instance, a plan needs to specify how much money the debtor can pay on a monthly basis, for the period of the plan.
- Ensure that creditors will be paid at least as much as they would receive if the case were a Chapter 7 bankruptcy filing.
There are a number of factors that need to be considered when developing a Chapter 13 bankruptcy plan, including whether the person will be able to carry out the plan over the course of the next few years. As a result, it’s crucial that people considering filing for bankruptcy in Colorado work with the Denver bankruptcy lawyers at Greenwald & Hammond to ensure that their filing is in compliance with all applicable Chapter 13 bankruptcy laws.
Denver Bankruptcy Attorneys at Greenwald & Hammond, P.C.
Are you ready to learn more about your options for debt relief and a financial fresh start? If so, it’s time to contact the Denver, Colorado bankruptcy lawyers at Greenwald & Hammond, P.C. We are here to:
- Listen to your concerns.
- Provide you with honest answers about your situation.
- Clearly explain your best options for resolving your debt.
At Greenwald & Hammond, P.C., our Denver bankruptcy attorneys are dedicated to making sure that you are able to get out from under overwhelming debt and that you know what to expect at every stage of your case. Our focus is on helping you obtain the best outcomes to your important legal and financial matters.
Let’s Discuss Your Case – Contact Us Today
Let’s talk about your case and how we can help you resolve your serious debt. Set up an initial consult with us today by calling us at (303) 832-2550 or (866) 491-2389 or by emailing us using the contact form on this page. From our offices in the Denver Metro Area, we serve people throughout Colorado.