Bankruptcy is a daunting task and can be demoralizing for even the strongest person. Whether you are filing for personal reasons, attempting to restructure your business, or find yourself on the short end of a nasty divorce, the reasons for filing for bankruptcy are endless and all present their own challenges.
You may be wondering what exactly bankruptcy is and why you would file for such a thing in the first place. Maybe you are well aware of what bankruptcy is, but you feel you are not equipped enough to handle the filing process on your own.
With that in mind, the thought of filing for bankruptcy in Colorado individually is just another hardship with which you don’t need to deal alone. That’s why the legal team at Holland Law Office is here to help navigate you through these rough waters. Give us a call or fill out our form to see how we can guide you through your Colorado bankruptcy filing.
What is Bankruptcy, Anyway?
Bankruptcy is a word that gets thrown around often, with many implied meanings and assumptions. However, the concept of bankruptcy itself is rather simple, while the proceedings are more involved.
Bankruptcy is a federal legal process that gives individuals and businesses the chance to essentially wipe away their debts or construct a plan to deal with them in order to achieve a fresh financial beginning or make payments over a newly determined timeframe.
The basic rationale behind bankruptcy is that no one in the United States should be chained to debt and unable to live because of their financial situation (apart from student loans – another topic entirely). If you’re considering filing bankruptcy in northern Colorado, reach out to our team and let us walk you through the process
Why File For Bankruptcy?
It is more than reasonable for you to think bankruptcy is a bad idea. The negative connotation that comes with the word itself is enough to deter some people, but filing bankruptcy in Colorado is a process that can help you with numerous aspects of your financial well-being and help you reset your fiscal situation.
Prevent a Home Foreclosure
While your home loan or mortgage will not be eliminated, filing for bankruptcy allows you an opportunity to make up the payments on your home. This is a great opportunity for someone who is in process of finding a new job or making large life changes which will allow them to remedy the delinquent payment
Remove Debt Obligations
When filing for bankruptcy in Colorado, there are a number of exemptions the state allows that will protect your assets from creditors. This means that you can eliminate the need to pay the majority of your debts, while protecting existing assets you may have.
Things like your homestead, your insurance, pension, and personal belongings up to a certain amount are all protected when filing for bankruptcy in Colorado. If you have questions on what is protected, our firm can help.
These are just some of the basics surrounding bankruptcy in Colorado. While it can be daunting at first, the process is painless when you have quality legal professionals guiding you through the bankruptcy filing process.
If you are considering filing a chapter 7 or chapter 13 bankruptcy in the Centennial State, contact Holland Law Offices at Longs Peak Bankruptcy and let us help you through this difficult time.