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  • Know About Types of Bankruptcy Filed in Colorado

    A record number of Colorado residents are seeking bankruptcy protection because of falling house market, high level of unemployment, credit card debt, sky rocketing cost of medical care. While filing for bankruptcy can be life-changing decision that is not at all planned but for many it becomes absolutely necessary. A successful filing of bankruptcy is very important because failure to include all debts can leave the resident responsible for the debts after being discharged from bankruptcy.

    However, stress related to bankruptcy filing can be reduced with the help of efficient, experienced and professional Denver bankruptcy lawyers who have the sound knowledge about the types of bankruptcy suitable according to the situation of the individual.
    Chapter 7 is one of the most common types of consumer bankruptcy that allows a consumer to eradicate majority kinds of debts for a fresh start. Though it lets the consumer to be free from most of the unsecured debts they still continues to have the responsibility to pay back few debts as it helps in retaining some of the properties. Filing Chapter 7 Bankruptcy helps a consumer to stay protected from the harassment caused by creditors or banks. Being a complicated chapter, seeking the help of experienced and highly qualified lawyer is highly recommended.

    Chapter 13 Bankruptcy is another type of bankruptcy filed by most of the Colorado residents as it provides a repayment plan from 3 to 5 years. This chapter also lets few debts to be forgiven. It is a type of consumer bankruptcy that protects some of the assets of the consumer.

    Other types of bankruptcy filed in Colorado are Chapter 9, the municipal bankruptcy used by cities, towns and school districts, Chapter 11, business re-organization bankruptcy, Chapter 12, bankruptcy used by fisheries and family farms and lastly Chapter 15, an international bankruptcy used in cases involving entities outside United States.

    Filing a bankruptcy in Colorado contributes a lot by stopping foreclosure, eliminating debts, medical bills and last but not the least protects the retirement. No matter what type of bankruptcy is filled by a Colorado resident consulting an experienced Denver bankruptcy attorney is very important so that the case moves on the right direction.

    Bankruptcy is no doubt viewed in a negative way, but for many it is the only ways out. Moreover, seeking the help of an expert attorney in this field ensures that the financial future of the Colorado resident remains secured with an opportunity to start a fresh new life.

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