Chapter 13 Bankruptcy

Chapter 13 Bankruptcy gives debtors a way to work out a payment plan over several years to repay their creditors at reduced rates and/or with lowered interest. It is an incredibly helpful option for those who have a lot of debt, but who are able to repay much, or some, if not all, of it over time. If you haven’t been able to keep up with your payments, but might be able to make a reduced payment, this may be the way out of debt for you.

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Whereas Chapter 7 focuses on liquidating any non-exempt assets to repay your creditors. Chapter 11 is a reorganization of debts (largely used for businesses). Filing for Chapter 13 is a wonderful choice for individuals and couples who can and want to pay their creditors back.

Chapter 13 can also be an option for those who don’t qualify for Chapter 7 (whether due to higher than allowable income, or other reasons). It's also an option for people who own a car, a house, or another asset that would have to be liquidated.

Our lawyers in Denver are highly experienced with all types of bankruptcies. Our firm has helped thousands of people in Colorado through this before. We will work through this rough time with you and get you the fresh start you deserve.

How Does Chapter 13 Bankruptcy Work?

How Chapter 13 Bankruptcy works is:

1. A plan gets created to repay much or all of what you owe over the next three or five years.
2. You have a monthly payment to make each month. Which goes to a court-appointed trustee. Who then pays your creditors with that money.
3. At the end of your term, your debts are considered discharged. (If there are any debts that are not paid within that time, those debts get discharged, too.)

Do you qualify for Chapter 13? Or is another debt relief plan a better fit for your situation? Our bankruptcy attorneys can help you determine which course of action is best for you, your family or your business.

What Are Advantages of Filing Bankruptcy?

One of the great things about filing for bankruptcy is that it creates an automatic stay. This stops most types of collection efforts from creditors. That could mean no more wage garnishments, no more threatening letters, harassing phone calls, or attempts at foreclosure. Tired of being hounded by creditors? We take over all communication with them and stop them from harassing you for good.

Bankruptcy can provide a real peace of mind for those who have been dealing with the stress and pressure of debts that they just can’t pay. Knowing that you’ll be debt free at the end of the process can bring a sense of hope that many debtors haven’t felt in far too long. A fresh start could be just a few months away. Some types of bankruptcy allow you to pay off your creditors in full, or at a reduced rate, on a payment plan that is realistic and achievable for you.

Depending on which type of bankruptcy you qualify for, you may be able to keep many of your assets (such as your home, your car, tools for work, etc.) For example, in Chapters 11 & 13, you don’t have to liquidate your assets. Whichever route you choose, you’re going to need a fierce and experienced attorney fighting for you. At Berken Cloyes, PC, this is all we do. Put our 60+ years of experience to work for you.

Are you thinking about Chapter 13 Bankruptcy in Denver, Colorado Springs, Fort Collins, Boulder, Loveland or nearby areas? Call our legal team today at (303) 623-4357 to schedule an appointment. Our attorneys are here to help you get debt free as quickly as possible