State Laws

Colorado Bankruptcy

     

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 creditors.

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 recommended.

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.

See also:
Colorado Gun Laws
Colorado Divorce
Colorado DUI Laws
Colorado Misdemeanor External link (opens in new window)
Colorado Felony External link (opens in new window)
Colorado Expungement External link (opens in new window)