Colorado Bankruptcy Chapter Seven cases of bankruptcy can be difficult, especially
when determining which assets can be kept and which cannot. Colorado
bankruptcy exemptions can help make this process simpler. All filings
for bankruptcy in Colorado are filed through local bankruptcy courts.
Some assets that can be lost include houses and cars. Bankruptcy
exemptions can determine which kinds of property can be lost and under
which circumstances that large items can be lost. In the state of
Colorado laws have been set into place to categorized what can be lost
and what cannot. Whenever items are lost they are put into the hands of
bankruptcy trustees who will then sell the items to pay the necessary
Bankruptcy Laws New laws for bankruptcy have been maintained so filing for
bankruptcy is more difficult now then it ever has been. Some people
prefer to file through do-it-yourself forms, which are completely
legal, but some information may be forgotten due to the change in laws.
Even those who have filed for bankruptcy ten or fifteen years ago may
have problems filing now. Because do-it-yourself forms can only tell so
much information, the files can often go incomplete because of
inexperience. Bankruptcy forms have become more extensive in recent
years, so filing also take much longer. Attorneys and paralegals will
have the necessary experience in filing bankruptcy information and can
also inform individuals of eligibility.
Internet companies can replace actual people and can also provide the
necessary information when filing. These full-service companies can
file both Chapter Seven and Chapter Thirteen forms without incident.
Chapter Seven forms and Chapter Thirteen forms both handle personal
bankruptcy cases and not cases of businesses or corporations. Both are
for natural individuals only. Chapter Seven files can be submitted
online and can be done in a joint case with both husband and wife
together. Chapter Seven cases often include the lack of funds to pay
credit card bills, medical bills, personal loans, and many others.
These kinds of debts are classified as consumer debts and can only be
filed through personal bankruptcy cases. No bankruptcy attorneys are
necessary for these two chapters, but consultation is usually
Chapter Seven forms are for the discharging of personal debts and
require a means test to be successfully passed. On the other hand
Chapter Thirteen forms are for repaying creditors, whereas Chapter
Seven forms do not require repayment.
The Colorado Bankruptcy Process A bankruptcy petition is required when filing for bankruptcy
online and also includes different series of alphabetical listings
beginning with A and ending with J. Different statements are also
required. A new Colorado law passed in 2005 states that those filing
for bankruptcy must pass a completed bankruptcy test. All the necessary
documents for filing for Chapter Thirteen and Chapter Seven cases can
be prepared online. Any information necessary will need to be submitted
via a questionnaire online. After the documents have been completed,
copies of the forms can be acquired through Internet download or
through personal email.