Chapter 13 Bankruptcy in Fort Collins

 

Chapter 13 Bankruptcy, what is it?  Are you trying to understand the differences between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Fort Collins Colorado?  The basic idea behind Chapter 13 Bankruptcy is that you have to reorganize your finances and pay off your debts in in 3 to 5 years.   It is a way to get the harassing phone calls to stop and the incessant late charges to stop.  It puts into action a plan of debt repayment that is reasonable with your current earnings and not an excessive burden to you with your finanaces.

When is Chapter 13 right for you?

First of all, you must qualify, you have to go through an assessment to make sure you actually need bankruptcy relief.

Second, you would have some income to pay your debts with, but just not enough to pay all of your debts.

Finally, you have to go through the standard bankruptcy process, formally listing all of your assets and obligations, listing your income, meeting with creditors and having a judge look at all the financials to make a determination of whether you have a legitimate need for bankruptcy protection.

You can do a lot of this yourself if you have tons of free time, or you can consult with a bankruptcy lawyer to give you a hand.  Here is a technical list to get you started if you are of the mindset to avoid a bankruptcy attorney in Fort Collins.