Filing for Chapter 7 bankruptcy in Colorado can be an effective way for people to relieve themselves of serious debt. Here’s a general overview of how to file for Chapter 7 bankruptcy in Colorado:
- Complete the credit counseling requirements – The 2005 Bankruptcy Act requires that people who file for bankruptcy must complete credit counseling within the six months (180 days) before they file for bankruptcy in Colorado. This credit counseling must be taken with a court-approved service (and both the U.S. Bankruptcy Court, District of Colorado and the U.S. Department of Justice have a complete listing of currently approved agencies where this requirement can be completed).
- Take the Colorado Means Test – The next step in the process of filing for Chapter 7 bankruptcy is seeing if you qualify by taking the Colorado Means Test. Basically, this test will average your income over the past six months and compare it to the median (average) income for Colorado.If you earn more than the average income level, then other factors may be used to see if you still qualify for Chapter 7 bankruptcy. If you don’t end up “passing” the means test to qualify for Chapter 7, however, Chapter 13 bankruptcy may be your better course of action for resolving your debt. Since the Means Test is a complex legal document, your attorney is best suited to accurately complete this document and ultimately determine your eligibility for either chapter.
- Gather the appropriate financial documents – If you do end up qualifying for Chapter 7 bankruptcy by passing the means test, then the next step in the process of filing for this type of bankruptcy will be to gather all of the necessary documents to prepare for the official filing process. These documents can include paystubs, tax returns, bank statements, credit card billing statements, mortgage and loan documents, etc.Essentially, you will be putting together a paper trail of your financial standing. So, any document related to your income and any document related to your expenses/current debt will need to be gathered.
- Submit a bankruptcy petition to the courts with the appropriate fee – Once you have compiled all of the necessary financial documents, you will likely be ready to officially file for bankruptcy with the court (also referred to as “petitioning for bankruptcy”). This will involve filling out a two (or so) page document and submitting it to the courts. At this time, you will also have to pay the court fees ($335.00 as of June 2014, according to the District Court’s website; additional fees may apply).
Because even the slightest misstep or mistake at any step in the preparation and filing process can delay or otherwise hurt your case, make sure you work with an experienced bankruptcy attorney like those at Greenwald & Hammond, P.C. to ensure your case proceeds as smoothly and successfully as possible.
Denver, Colorado 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 bankruptcy lawyers at Greenwald & Hammond, P.C. We are here to listen to your concerns, provide you with honest answers about your situation and clearly explain your best options for resolving your debt.
Our comprehensive consumer bankruptcy practice is focused on producing real results. This means that, when you trust us to handle your debt issues, you can count on us to help you obtain real relief from crushing credit card debt, overdue mortgage payments and unpaid loans or medical bills.
At Greenwald & Hammond, P.C., our Denver bankruptcy attorneys are committed 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 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.