Helping Denver Clients File for Bankruptcy
Deciding to apply for bankruptcy can change your life in many ways, including eliminating many forms of consumer debt. If you are considering bankruptcy, the team at Benham Law, Inc. is your number one resource. We’ll guide you through the advantages of bankruptcy in your current financial situation so that you can approach your future with a clean slate.
We know that most of our clients haven’t been through the bankruptcy process before, which is why we do whatever we can to make filing as easy as possible. No matter who you are or where you come from, we’ll make filing for bankruptcy in Denver, CO, a fast, easy, and stress-free process!
At Benham Law, Inc. we have our clients’ best interests in mind when we represent them. For a free consultation, call today.
Bankruptcy and You
In the United States, there are two bankruptcy options for individual filers: Chapter 7 and Chapter 13. These two chapters are very different and the rules and requirements of each are very complex. Your financial situation, the amount of debt you have, and your assets all play a role in determining how you’re allowed to proceed under bankruptcy law.
Instead of approaching the process blindly, Benham Law, Inc. is here for you. We’ll assess your unique situation, explain the differences between Chapter 7 and Chapter 13 and identify the right option for you and your family.
We can help you with:
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is often referred to as a fresh start when it comes to bankruptcy. This type of bankruptcy is intended for those who do not have the adequate cash flow to contend with their debt or those who are in a low-income situation. In chapter 7, you are permitted to keep all of your exempt assets, which for the majority of people is most everything they own. If you own any non-exempt assets, these will be liquidated in order to pay some of your debt.
Chapter 7 bankruptcy is often seen as the quicker and easier option, and a chapter 7 discharge can be obtained in just a few months. Those who do not qualify for Chapter 7 bankruptcy will instead be encouraged to file for Chapter 13 bankruptcy.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy, also known as reorganization bankruptcy, allows you to repay creditors with a repayment plan. Unlike Chapter 7, in which non-exempt assets are liquidated, Chapter 13 allows you to keep even your non-exempt property. The amount paid to your creditors will be different in every case and depends on several factors. With a Chapter 13, it takes three to five years for you to obtain a bankruptcy discharge.
Chapter 13 is best for those who have adequate income but require reduced monthly payments.
To learn whether Chapter 7 or Chapter 13 is better for your unique situation, contact Benham Law, Inc. in South Metro Denver today.