How Do You File for a Bankruptcy?

Article Written By: Foster William

Many of us in Colorado have not been able to keep paying all our routine bills and other payments on the debt that we had taken up during better economic times. The reasons for this inability to cope up with the financial commitments may be valid, but these debts need to be addressed. A contraction in the economy and the stimulus package that was announced for many of the economic sectors were geared at putting the national finances back on track. Similar measures such as considering the bankruptcy options therefore also need to be taken on the personal front to see that you weather the financial crisis safely.

In 2009, bankruptcy in Colorado increased a dramatic 25% over the previous year. In total, 27,997 bankruptcies were filed in the United States Bankruptcy Courtìs District of Colorado either by individuals or businesses. Out of these 27,997 filings, Denver and the surrounding areas such as Northglenn, Thornton, Aurora, Lakewood, Arvada, Westminster, and Commerce City comprised 21,579 bankruptcy filings. The vast majority of these bankruptcies are classified as personal or ?consumer? bankruptcy.

The two primary categories of consumer bankruptcies are liquidation and reorganization. Liquidation is commonly referred to as a Chapter 7 bankruptcy and reorganization is referred to as a Chapter 13 bankruptcy. While both of these type of bankruptcies give individuals the opportunity to regain control over their financial life, they differ markedly in both structure and complexity. Additionally, with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, filling for bankruptcy has become more complicated. Therefore, navigating through the bankruptcy procedures can be a challenge for the inexperienced, and anyone considering bankruptcy should seek the advice of a competent bankruptcy lawyer.

Experienced bankruptcy lawyers will help anyone thinking about bankruptcy to thoroughly consider whether it is right for them. During the initial free consultation clients will be asked whether the following situations best describe them:

- Your wages have been garnished or your bank account has been attached

- Most of your debts are unsecured debts like credit card bills, hospital or doctors? bills, etc.

- Your total debt, not including your car or house loan, is more than you could pay, even over five or more years

- Collection agencies are calling you at home and/or at work

- Your payments are more than 30 days behind on more than one bill

- There are lawsuits pending against you

- You have high medical bills not covered by insurance - You owe income taxes that you are currently unable to pay

- You have few assets - You have little or no savings

- You have had property repossessed (such as a vehicle)

If an individual resembles any of the situations above, he or she may want to file for bankruptcy and the Denver bankruptcy attorneys can help.

About the Author

William Foster - Denver Bankruptcy Attorney. Find more information about Denver Bankruptcy Lawyers here.

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