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Colorado Chapter 13 Bankruptcy Lawyers

Am I Eligible to File for Chapter 13 Bankruptcy?

Chapter 13 bankruptcy, also called a wage earner’s plan, allows individuals earning a regular income to create a repayment plan for all or part of their debts. However, unsecured debts must be less than $394,725 while secured debts must be less than $1,184,200 in order to be eligible for this type of relief. Corporations and partnerships are ineligible for chapter 13 relief.

Under the plan, you (the debtor) can develop a payment plan to make installments over a period of 3 to 5 years and propose it to your creditors. If your current monthly income is less than the applicable state median, your plan will last for 3 years but if your current monthly income is greater than the applicable state median, your plan will endure for 5 years. For context, Colorado’s 2019 median household income is $72,331.

You may not file for chapter 13 bankruptcy if your bankruptcy petition was dismissed within 180 days before filing due to your willful failure to appear in court or comply with court orders, or if your bankruptcy petition was voluntarily dismissed after creditors sought relief to recover property in which they hold liens.

In addition, you must receive credit counseling from an approved credit counseling agency within 180 days of filing.

While it may seem complex and meticulous, chapter 13 bankruptcy carries several benefits, such as the following:

  • It’s an opportunity to save your home from foreclosure
  • You can reschedule secured debts (other than a mortgage for your primary residence) and extend them over the duration of the chapter 13 payment plan
  • It protects third parties and potentially co-signers who are liable for consumer debts
  • It acts like a consolidation loan under which you make the plan payments to a chapter 13 trustee who then distributes the payments to your creditors
  • You will be protected from wage garnishments as well as being contacted or sued by creditors
    • An “automatic stay” will be placed on collection actions against you and/or your property

To get started, please contact us at (888) 458-0991.

Chapter 13 Bankruptcy Process

Our Colorado Chapter 13 bankruptcy lawyers will help you prepare for all stages of the process to better ensure you are on a path to success. We understand that you are likely unsure of what to expect, which is why we provide a brief outline of the Chapter 13 bankruptcy process below.

  1. File a petition with your local court. To complete the Official Bankruptcy Forms under the petition, statement of financial affairs, and schedules, you must gather the following:
  • A list of all creditors and the amounts and nature of your claims
  • The source, amount, and frequency of your income
  • A list of all of your property
  • A detailed list of your monthly living expenses, including food, clothing, shelter, utilities, taxes, transportation, medicine, etc.
  1. You must also file the following documents unless the court orders otherwise:
    • Schedules of assets and liabilities
    • A schedule of current income and expenditures
    • A schedule of executory contracts and unexpired leases
    • A statement of financial affairs
    • A certificate of credit counseling and, if applicable, a copy of any debt repayment plan you devised in counseling
    • If applicable, evidence of payment from employers received 60 days before filing
    • A statement of monthly net income and expected increases in income or expenses after filing
    • A record of any interest you have in federal or state qualified education or tuition accounts
  2. Provide the case trustee with a copy of your tax return or transcripts for the most recent tax year in addition to any tax returns filed during your case.
  3. Between 21 and 50 days after filing your chapter 13 petition, you will join a meeting of creditors where you will be placed under oath.
  4. From there, the chapter 13 trustee and creditors may ask questions regarding your financial affairs and the proposed terms of your repayment plan.
  5. After the meeting, you will attend court for a hearing on your chapter 13 repayment plan

Every case is unique, therefore, every step above may not apply to your individual situation. However, the bottom line is that no matter what you’re up against, you need a team of proven, trusted advisors to advocate for your best interests and provide the legal counsel you require to pay off your debts in a viable way.

Working to Ease the Burdens of Your Debts

The term “bankruptcy” leaves a bad taste in people’s mouths, but contrary to popular belief, bankruptcy is actually an opportunity for financial stability. Those endless debts and sleepless nights do not have to last forever, as the US Bankruptcy Code affords viable debt repayment options to eligible individuals. As a result, they can enjoy their long-awaited and well-deserved peace of mind.

Chapter 13 bankruptcy may provide you with the structure and reasonable standards you require to repay all or part of your debts. If you are an individual earning a regular income, chapter 13 bankruptcy could possibly be the best legal option for you. Before you make any decisions, though, please consult with our experienced and knowledgeable chapter 13 bankruptcy attorneys in Colorado. We can advise you on whether or not this method of debt relief is right for you.

At Cantafio Nagel & Song PLLC, our Chapter 13 bankruptcy attorneys will help you formulate a plan that organizes your payments into a schedule that fulfills the needs and demands of both you and your creditors. You need a driven group of lawyers who will work with all parties in your case to reach an effective plan of action, which is why our firm is right for you.

Wait no longer to work towards a fresh financial start and schedule your consultation online or at (888) 458-0991!

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