Pitkin County, CO Bankruptcy Law Firms & Lawyers

Post petition referrs to things that occurred after you filed bankruptcy. To obtain information about the remaining balances after your Chapter 13 was dismissed, you will have to contact each creditor individually.

If you are considering a chapter 13 it's imperative to retain an attorney. Statistically speaking, the success rates for self represented debtors in a chapter 13 is less than 2%, and the statistics don't say out of that 2% how many are lawyers filing their own cases. Don't procrastinate, make an appointment with an attorney to discuss your situation. Only through an evaluation of your circumstances can advice be rendered as to whether this is a good option for you and the results you can hope to achieve. One way of looking at a chapter 13 is that it is a type of settlement of your debts but rather than needing to negotiate with the creditors as far as how much they will receive (in other words what percentage of what is owed they will actually be paid) that number instead comes from some calculations of your income, allowable expenses, non-exempt property, secured debt obligations, and unsecured priority claims. The added bonus is that whatever percentage of the debt will not be paid in a chapter 13 is discharged at the end AND is NOT taxable income. So the ultimate question is how much will you have to pay back? It could be a number between 0% to 100%. To figure this out, the attorney will need details about your circumstances to make the calculations. See someone at your earliest convenience as sometimes timing can make a difference, sometimes filing sooner is better than later, or the other way around.

Legally speaking, there isn't a specific amount of debt that makes bankruptcy appropriate. That is because debt is relative and the other big factor of course is. income and to some extent future income potential. During a consult, I typically calculate the debt to income ratio, family size/situation, types and amounts of debts, household budget, income - past, current, future potential. Can REASONABLE budget adjustments be made to repay debt in a REASONABLE amount of time. What is reasonable for one set of circumstances may not be so for another. What is the likelihood of creditor pursuing in court to collect, age of debt, whether person has adequate basic protection: health/vehicle insurance. If it's appropriate discuss alternatives like credit consolidation/settlement. Typically bankruptcy attorneys provide free consultations, it's an opportunity to review the options. Having said all this, if whatever that debt number is I personally think that BK is an overkill but the person wants to file anyway (perhaps for psychological or emotional reasons) despite my advice to seek alternatives then I have them sign a disclaimer stating what I advised them and that they wish to move forward with BK anyway with the understanding of the costs/consequences. I don't share the disclaimer with anyone but it's kind of insurance for me in that should someone come back later alleging that I sold them on filing BK. Oh no, not with me. One reason why I enjoy being a bankruptcy lawyer is knowing that most, if not all, previous clients having made the tough choice, are satisfied and probably living much better lives today than before we met.