How Bankruptcy Can Help You
Bankruptcy may seem like an intimidating process, but it does not have to be. Our lawyers at Watton Law Group will work to get you a fresh start through debt elimination and reorganization. Depending on your unique situation, you may be eligible to file for one of several different types of bankruptcy, each of which accomplishes distinct goals.
Understanding the eligibility and timing for bankruptcy is essential, and navigating this landscape with seasoned professionals can make a significant difference. Our team provides a detailed analysis of your financial standing, assessing the best timing and type of bankruptcy to ensure you gain the most benefit from filing. We aim to eliminate stress by thoroughly explaining each process, allowing you to make informed decisions.
The two most common types of bankruptcy are:
- Chapter 7 Bankruptcy: This is a traditional fresh start, or wipe-out, bankruptcy that eliminates all your general debts, such as credit cards, medical bills, or signature loans. There are eligibility requirements. We will review all of those with you and determine if this is a good fit. The most important consideration when it comes to Chapter 7 is timing. We need to eliminate the bad stuff and put you on the path to success.
- Chapter 13 Bankruptcy: This is a debt consolidation where you can settle your debt for pennies on the dollar. Chapter 13 is extremely powerful. All debts can be put into your consolidation. In addition to eliminating or reducing all the same debts that the Chapter 7 does, Chapter 13 will also stop repossessions, halt foreclosures, defer student loans, and can even reduce your car interest rates (and payment!). Basically, you are making a deal with the judge to pay back what you can afford. The judge can even wipe out a large amount of your debt.
These and other forms of bankruptcy can provide much needed relief to those facing seemingly insurmountable debts.
The fact of the matter is, filing for bankruptcy can be a viable solution for those in need of debt relief. This course of action will put an immediate end to creditor phone calls and may stop vehicle repossession and/or home foreclosure. We urge you to reach out to our team today to learn more about whether filing for bankruptcy is the right option for you. Contact our Colorado bankruptcy attorneys for a free bankruptcy evaluation.
Bankruptcy is not only a means of relief but also a strategic tool to reset your financial future. Our firm provides ongoing support and counsel even after the bankruptcy process is complete, ensuring that you can effectively rebuild your credit and achieve long-term financial goals. We assist with budgeting tips, monitoring credit reports, and offering advice on financial planning to help sustain and improve your financial health.
The Trusted Experience You Need in a Bankruptcy Lawyer
At Watton Law Group, we understand the immense stress financial challenges bring. We have helped tens of thousands of clients not only navigate the bankruptcy process but also obtain the financial freedom they needed to move forward with their lives.
Our team is composed of dedicated legal professionals who are attuned to the varied needs of our clients across Colorado. We work not just as legal representatives, but as partners in your journey to financial recovery. From the initial consultation to post-bankruptcy guidance, our client-focused approach ensures that every individual receives comprehensive care tailored specifically to their situation.
Our attorneys are passionate about helping good people who have fallen on hard times. We utilize our extensive legal experience and considerable resources to develop innovative and effective legal strategies tailored to each client’s individual needs. We strive to help our clients fully understand their legal options so that they can make empowered financial decisions for themselves and their families.
With more than 25 years of experience and a large team of dedicated attorneys, paralegals, and staff, our firm is here to help you regain control of your future. We offer free consultations in person or over the phone and proudly serve communities throughout the state of Colorado, including Denver, Colorado Springs, Aurora, Fort Collins, Lakewood, Thornton, Arvada, Westminster, Pueblo, Centennial, Boulder, and beyond.
Bankruptcy FAQs for Colorado
What is the difference between Chapter 7 & Chapter 13 Bankruptcy in Colorado?
Chapter 7 and Chapter 13 bankruptcies offer distinct pathways depending on your financial situation. Chapter 7, known as liquidation bankruptcy, is typically the more straightforward of the two, designed to discharge unsecured debts such as credit card balances and medical bills. While it offers a rapid fresh start, qualifying for Chapter 7 requires passing the Means Test, which assesses your income and expenses against state averages. On the other hand, Chapter 13 involves debt restructuring, where you create a repayment plan covering three to five years. It allows you to keep your assets while making manageable payments to creditors. Understanding the nuances between these options is crucial, as the right choice can significantly impact your financial recovery.
How does filing for bankruptcy impact my credit score in Colorado?
Initially, filing for bankruptcy will cause a notable drop in your credit score. However, this may provide a cleaner slate for rebuilding your credit over time compared to the accumulative negative impacts of ongoing debts and defaults. Bankruptcy remains on your credit report for up to ten years, yet many people find they can start improving their credit scores within a couple of years post-filing by taking strategic steps. Actions like obtaining a secured credit card, paying on time, and maintaining a low credit utilization ratio can enhance your score. At Colorado Office, we assist clients in understanding these dynamics so they can manage and rehabilitate their credit post-bankruptcy.
Reach out to our Colorado bankruptcy lawyers today to learn more about your legal rights and options. Call (720) 802-0099 or contact us online.
