What Are the Benefits of Filing Chapter 13 Bankruptcy?

Thanks to everyone who participated in this week's McFarlandLaw bankruptcy Q&A session! This week, Mary L. from Aurora, Colorado asks: "What are the benefits of filing Chapter 13 bankruptcy in Colorado?" In Colorado, most people who can choose between Chapter 13 and 7 elect to file Chapter 7 bankruptcy. Chapter 7 takes much less time and immediately liquidates almost all of their debts – without requiring them to pay down any of their debts. So when should Coloradans file Chapter 13 bankruptcy? Here is a brief list of some of the reasons Chapter 13 may be a good solution for you: Chapter 13 bankruptcy will reduce your secured debts down to the fair market value of your collateral. So, for example, if you owe $20,000 to your car finance company, you will be able to reduce the balance to the current value of your car, which could be much less – like $5,000; Chapter 13 bankruptcy lets you make up for missed payments on your mortgage, car loan or other debts secured by your collateral. By doing so, you can keep your collateral and possibly prevent repossession or foreclosure; and Chapter 13 bankruptcy will allow you to operate a business while you are in bankruptcy, unlike Chapter 7 which usually requires you to close your business. If you live in Colorado, and you're considering filing Chapter 13 bankruptcy, contact our offices in Denver today. Consultations are 100% free, so send us an email or give us a call at (720) 295-0031.

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