If you carry massive amounts of debt and struggle to make payments, bankruptcy is a legal means that can provide you with an entirely financial start. It is a complex and stressful process but provides you with legal options that will give you a new financial situation.

Although there are many benefits to filing for bankruptcy, it is always a significant decision for you and your family; that does have a downside if not done strictly according to the Colorado bankruptcy laws.

It’s mandatory to note that filing bankruptcy is a complicated legal process requiring research on your finances, collection of various documents, and full disclosure to you and your family before deciding on moving forward.

Consulting with an experienced Loveland bankruptcy lawyer will assist you in making this critical decision and successfully filing and compiling the vast amount of correct paperwork. Your knowledgeable bankruptcy law team will help you plan for your bankruptcy filing, let you know what to expect, and attend all hearings and meetings to fight on your behalf.

An experienced Colorado bankruptcy law team will guide you through this legal maze with experience and diligence. They will ensure you know what you can, and cannot do, before, during, and after your bankruptcy filing.

Bankruptcy usually is a necessary but profoundly severe matter, and each bankruptcy case is unique. Only by consulting with your experienced and knowledgeable Loveland bankruptcy law team will you be able to ensure that you avoid all the pitfalls, such as potential allegations, or insinuations, of bankruptcy fraud. It is never wise to attempt filing on your own!

What Is Involved If I Decide to File for Bankruptcy?

Every financial situation differs, but the basic bankruptcy filing process must be followed. Consult with a professional Loveland bankruptcy lawyer. In this initial consultation, your skilled bankruptcy lawyer will analyze your financial situation and expect to achieve in the filing. Your lawyer will recommend using a specific chapter of bankruptcy.

All your financial options will be thoroughly explained, even your non-bankruptcy options. In this way, you will be able to make an informed decision regarding your next steps.

It’s critical to note that bankruptcy may not always be the best solution. Sometimes debt settlement or not paying at all is the best choice! If you decide to retain your lawyer, you will be provided with a complete list of all the information that your lawyer will use to prepare your bankruptcy documents for filing.

Your lawyer will help guide you through this process from beginning to end. Your law team will help to ensure you made the right financial choice, appear with you in court, negotiate (if necessary) with your creditors, and fight for you until the bankruptcy is finalized.

Do I Need To Hire a Bankruptcy Lawyer To File Bankruptcy in Loveland?

In strictly legal terms, you’re not required to hire a bankruptcy lawyer to file your case. The Colorado bankruptcy laws allow individuals to represent themselves in their bankruptcy cases.
The valid question you need to ask is, “should I hire an attorney to help me file bankruptcy?” The simple answer to this question is “yes.”

The Colorado bankruptcy laws and the United States Bankruptcy Code is legally complex and requires substantially more experience and knowledge than just the ability to fill out forms. This entire process is complicated and legally daunting, and you may lose property, assets, or other rights if you don’t know the laws and rules designed for your protection.

You will put yourself in the challenging and stressful position of dealing with the Colorado bankruptcy court on your own.

In most clerk’s offices, they display large warning signs reading, in effect, that bankruptcy is an overly complicated process and that you should seriously consider hiring an attorney to guide you through this process.

Dealing with all the issues, forms, and myriad of questions related to having to file bankruptcy is stressful enough. Trying to file your bankruptcy case yourself correctly will only add to that stress.

You are filing bankruptcy to get a fresh financial start, do it right the first time and consult with a qualified Loveland bankruptcy law firm. You don’t want to end up financially worse off than when you began!

Are Any of My Assets “Exempt” From My Bankruptcy Filing?

This is a complex, essential question as the Bankruptcy Code is a federal law that applies throughout the United States. However, it allows each state to define what property is exempt from liquidation when its residents file for bankruptcy. The Bankruptcy Code does have its list of exemptions, but states can use their alternative lists. Some states have opted out of the federal list, requiring debtors to use the state exemptions when filing for bankruptcy, and Colorado is one of them.

Colorado has opted out of the federal bankruptcy exemptions. Therefore, when you file your bankruptcy case, you will use Colorado law to determine what exemptions may apply. You don’t have the option to choose to use the Bankruptcy Code’s federal exemptions.

Colorado law provides an exemption to a specified value. This “value” refers to your equity in the property or specified asset. Your equity is equal to the property’s fair market value, less the amount of lien on it.

If your equity in the usually exempt property exceeds the exemption limit specified by law, then the bankruptcy trustee can sell that property. However, as the debtor, you would be entitled to an amount of the sales proceeds that equals the exemption amount.

You can readily see that this can become an overly complex legal process, but you need to be able to keep what you rightfully should. Having experience in interpretation of these Colorado exemption laws is one of the most critical parts of your bankruptcy filing and one where the advice and guidance of your experienced Loveland bankruptcy lawyer will be invaluable in protecting your rights, property, and assets.

I Am Considering Filing for Bankruptcy; How Should I Proceed?

Making the final decision to file for bankruptcy protection is challenging, overwhelming, and stressful, so don’t ever try it alone. You’re doing this to get your financial life back on track, and you must “get it right” the first time!

Consulting with a Loveland professional bankruptcy law firm will help your decision and ensure you’re doing all that’s needed to make a fresh start that will positively affect the rest of your life. Your motivated, empathetic, and experienced bankruptcy law team will guide you through this process so that the bankruptcy process is done correctly to achieve the goals you’ve hoped for.