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Chapter 13 Bankruptcy Lawyer

NORTHERN COLORADO Chapter 13 Bankruptcy Lawyer

Serving Fort Collins, Loveland, and Larimer Counties

There are a myriad of ways to eradicate debt. The best way to figure out the right way to conquer debt is by working closely with a bankruptcy attorney at Ores Law in Loveland. The different bankruptcy filing methods offer different benefits and challenges. Chapter 13 Bankruptcy and Chapter 7 Bankruptcy both offer feasible options for fighting debt, and the path chosen should be analyzed and selected carefully by you and your bankruptcy lawyer.

Chapter 13 Bankruptcy, in contrast to Chapter 7, allows the debtor to keep all assets. Therefore, in order to pay off the debt to the creditors, the debtor allocates a payment plan that usually spans three to five years. Commonly called a Wage Earner’s Plan, Chapter 13 Bankruptcy targets a debtor who has a steady, regular income. The debtor who earns an income below the state median is likely to receive a three-year repayment plan. The debtor that earns an income above the state median is likely to receive a five-year repayment plan. The repayment plans will never exceed five years, and in the repayment period, creditors are banned from continuing collections.

The process for filing Chapter 13 Bankruptcy can be confusing due to the many intricacies of eligibility, state laws, and required detailed schedules. It is only a 14-day window between the first petition filing date and the need to submit a complete repayment plan. A professional bankruptcy lawyer understands the requirements of the federal and state courts and can ensure the process moves smoothly.

Please contact Ores Law today to schedule a free consultation with a bankruptcy lawyer in Loveland.