Colorado Bankruptcy Guide and Forms Package: Simplify Your Chapter 7 or 13 Filing

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Generally, Chapter 7 is more appropriate for simple cases while Chapter 13 for more complicated bankruptcies. Or somewhat more accurately, Chapter 13 can give you more power over and flexibility with certain kinds of creditors, and if you have non-exempt assets.
The Colorado homestead exemption allows homeowners who file bankruptcy to protect $250,000 of equity in their home ($350,000 if they are 60 or older). Unlike other Colorado exemptions, you cannot double the Colorado homestead exemption by filing a joint petition with your spouse.
In a Nutshell Many people who file bankruptcy are able to keep their home, but whether or not youll be able to do so depends on several factors. To keep your home in Chapter 7, youll need to be up to date on your mortgage payments and your home equity must be covered by the homestead exemption in your state.
An individual cannot file under chapter 7 or any other chapter, however, if during the preceding 180 days a prior bankruptcy petition was dismissed due to the debtors willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors
Chapter 7 bankruptcy, also known as liquidation bankruptcy, entails selling off your nonexempt assets as a means to repay unsecured debts before discharging what you cannot pay. The filing fee for Chapter 7 bankruptcy in Colorado is $338, but it is possible to pay this fee in installments.
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In Colorado, the homestead exemption allows debtors to keep their home if their positive equity interest is less than $75,000. If your or your spouse is either dependent or over the age of 60, then the exemption is $105,000. Call us to discuss the exemptions amounts that can be used for your home.

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