Chapter 7 & Chapter 13 in Denver

Unless the situation warrants a Chapter 11 bankruptcy ruling for business needs, most people who file for bankruptcy end up with Chapter 7 and Chapter 13 options. Each one has its advantages and disadvantages. A Denver based bankruptcy attorney can help you figure out which one you are eligible for and how to go about filing for bankruptcy. However it doesn’t hurt to learn a bit about the two choices even before you visit a bankruptcy attorney in the Mile High city. Like every other law written the ones governing Chapter 7 and Chapter 13 are long and drawn out, so for our purposes here, we'll just take a quick peek at the Denver, Colorado bankruptcy chapters options.

• Chapter 7
• Chapter 13 bankruptcy
• after bankruptcy

In many ways a Chapter 7 Denver bankruptcy is more complex than the Chapter 13. This type of Colorado bankruptcy does wipe the slate clean. When we say clean, we mean clean. Chapter 7 bankruptcies are a liquidation of assets. People who have this bankruptcy are free and clear in terms of debt, but they often lose their homes, cars, stocks, and any other assets to repay the debts. For some Denver bankruptcy applicants this works just fine and allows for the total complete start they are looking for.

In Denver, Colorado, Chapter 13 bankruptcy doesn’t feel quite as harsh. This one focuses on reorganization rather than liquidation. Most people survive this process with little to no loss of assets. Actually, if your home is in foreclosure a Chapter 13 bankruptcy stays the action and you get to keep your house. With the help of your Denver Colorado based bankruptcy attorney, you and the trustee come up with a repayment plan you can afford. The money from you goes to the trustee each month, which then pays your creditors. There won't be any more harassing phone calls and you have the opportunity to make a fresh start.

After a Denver bankruptcy, it will require time and patience on your part to rebuild your credit history and enjoy a financially secure life, but it is more than possible. There are all kinds of organizations and resources dedicated to helping people like you budget correctly and use credit wisely. The Chapter 7 and Chapter 13 bankruptcy options are there to help eliminate debt and give your family and you the ability to live debt free and consumer wise.