Answers about Colorado Bankruptcy

Colorado Bankruptcy FAQs

Colorado bankruptcy can provide people with the financial fresh start they need. Just how this process works and what the outcomes of it are, however, can be unclear to people who have never filed for bankruptcy before. To clarify this process a bit more, below are some answers to common Colorado bankruptcy FAQs.

While these answers are generally informative, don’t hesitate to contact our experienced and trusted Colorado Springs bankruptcy lawyers when you are ready to get specific answers pertaining to you and your debt situation.

Helpful Answers to Colorado Bankruptcy FAQs

Q – Why are there so many different types of bankruptcy?

Colorado Springs Bankruptcy attorney Answers about Colorado Bankruptcy

These Colorado bankruptcy FAQs provide some important answers about this debt relief option. Contact our Colorado Springs bankruptcy lawyers for experienced help resolving your debt issues.

A – The different types of bankruptcy options have been devised to deal with specific debt situations, including those for individual consumers and businesses.

For instance, while Chapter 7 or Chapter 13 bankruptcy may be available for individual consumers who need a financial fresh start, factors like income, the nature of people’s debt and whether they’ve filed for bankruptcy before can dictate whether one option is preferable (or even available).

That being stated, however, Chapter 7 (also known as liquidation bankruptcy) is the type of bankruptcy that many consumers tend to pursue when filing for Colorado bankruptcy for the first time.

Q – Will bankruptcy eliminate all of my debt?

A – Not necessarily, as it will depend on the types of debt you have. Generally, when people pursue bankruptcy, they can eliminate their unsecured debts, like credit card debt and medical bill-related debt. Bankruptcy can also help eliminate mortgage debt and car loan debt.

In contrast, the types of debt that are NOT eliminated through Colorado bankruptcy include (but may not be limited to):

  • Student loan debt
  • Alimony and/or child support debt
  • Certain tax debts
  • Restitution-related debt.

Q – Can I file for bankruptcy more than once?

A – Yes. Although Colorado bankruptcy can provide people with a financial fresh start, circumstances like unemployment, divorce or even the development of a new medical condition can catapult people right back into debt. When this happens, it can be possible to pursue Colorado bankruptcy again, though the best bankruptcy option in these cases will depend on:

  • The type of bankruptcy case people previously pursued
  • How long ago that bankruptcy case was filed.

When considering filing for Colorado bankruptcy again, it’s best to consult with one of our trusted Colorado Springs bankruptcy attorneys to find out more about your best options.

Q – How long will a bankruptcy case stay on my credit report?

A – Generally 7 to 10 years, depending on the type of Colorado bankruptcy you pursued and whether that case was successfully resolved. In fact, while a bankruptcy case can stay on people’s credit reports for 10 years, account information related to discharged debts can be removed from people’s credit reports 7 years after those accounts have been inactive.

Q – How do I know what type of bankruptcy is right for me?

A – By contacting the Colorado Springs bankruptcy attorneys at the Law Office of Jon B. Clarke, P.C. The bottom line is that:

  • Understanding your overall financial situation will crucial to determining what type of bankruptcy case is right for you.
  • There may be alternatives to bankruptcy that can be better options in some cases.
  • With the insight and help of one of our experienced Colorado Springs bankruptcy lawyers, you figure out your best debt relief option and get experienced help pursuing it.

Contact the Colorado Springs Bankruptcy Lawyers at the Law Office of Jon B. Clarke, P.C.

Are you to learn more about your best debt relief options? If so, the trusted Colorado Springs bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. are ready to talk to you. Contact us today by calling (303) 779-0600 or by emailing us using the contact form on this page. We also encourage you to complete our Business or Consumer Debtor Analysis Form so that we can provide you with detailed professional advice.

From our offices based in Denver and Greenwood Village, we provide people throughout Colorado with the highest quality debt relief legal services.