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Personal Bankruptcy

Filing for bankruptcy can be helpful in paying back debts without going completely broke, but it can also be confusing and extremely stressful. How do you know when to file bankruptcy? Are there any other options? Where do I start? Should I file a Chapter 7 or Chapter 13? So many overwhelming questions can come to mind during this process. Having an attorney that understands the process and genuinely cares about your future can be the best decision in this stressful time. The attorneys at Whitham & Tryon Law Group understand this and are here to help you. With our years of experience, we can answer all your questions and give you trusted legal representation.

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Types of Bankruptcy

There are several different types of bankruptcies people can file depending on their needs, but the two most common types of bankruptcy are Chapter 7 and Chapter 13. Each type, or chapter, has a different purpose. Whitham & Tryon Law Group attorneys specialize in Chapter 7 bankruptcies, so you can be sure to have a trusted attorney overseeing your case.

Chapter 7 Bankruptcy

Selling nonexempt property to pay off debts is known as Chapter 7 bankruptcy. This type of bankruptcy would take place to pay back entire debts, starting with priority debt. It is designed to give you a “fresh start”. In order to qualify for filing this type of bankruptcy, you must meet certain income requirements, such as not having enough income to be able to pay back even a part of your debt. Our attorneys will guide you through this whole process.

Things to Know About Chapter 7 Bankruptcy

  • Filing for bankruptcy can take up to four months.
  • Individuals, partnerships, corporations, and other business entities can file bankruptcy.
  • When selling property, it’s value is measured in what it is worth now, not how much you paid for it. 
  • Finding an experienced attorney to represent you and help you through this process is extremely important.
  • Some first steps after the entire process can include deep breaths, a budget, and a secure credit card.

More Info on Chapter 7 Bankruptcy

Although this type of bankruptcy helps debtors pay back their debts, such as student loans, medical bills, or credit card payments, chapter 7 bankruptcies allow Colorado debtors to keep their exempt properties. This way you don’t have to lose everything.

Potential Property You Could Keep:

  1. House
  2. Car
  3. Personal Property
  4. Life insurance
  5. Property if occupied by a person 60 years or older or a disabled debtor or spouse
  6. Worker’s compensation
  7. Food and fuel up to $600

Need Legal Help for Bankruptcy?

If you are considering filing for bankruptcy, or overwhelmed with debt, the best next steps would be to speak with an attorney to understand your options and learn how to get through this difficult time. Whitham & Tryon Law Group will give you the expert legal representation for Chapter 7 bankruptcy cases in Grand Junction, Colorado.

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