10 Unspoken truths About Bankruptcy

The 10 Unspoken Truths about Bankruptcy

 

  • You can restore your credit in about five years.
  • You can buy a home in three to five years.
  • You can file bankruptcy more than once.
  • You will not lose everything that you own.
  • Everyone will not know about your bankruptcy.
  • Chapter 7 does not always wipe out all of your debts.
  • You can keep most of what you own in most cases.
  • You can credit after filing bankruptcy.
  • Most bankruptcies are filed due to medical expenses, unemployment, or divorce. Nor because someone is a deadbeat.
  • Collectors must stop bothering you after you file bankruptcy.
  • You do not have to include your spouse in your bankruptcy.
  • You do not need to have a minimum amount of debt to file.
  • Chapter 13 bankruptcy payments vary based on the results of a means test.

 

 

Click here to learn more truths about bankruptcy in Boulder and Colorado from Boulder attorney, Paul Stuber.  To have no cost, no obligation discussion with an experienced Boulder Bankruptcy attorney, call attorney Paul Stuber at (303) 442-6448.

Filing For Bankruptcy

 Bankruptcy laws help people who can no longer pay their creditors get a fresh start – by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.

Most cases are filed under the three main chapters of the Bankruptcy Code – Chapter 7, Chapter 11, and Chapter 13. Federal courts have exclusive jurisdiction over bankruptcy cases. This means that a bankruptcy case cannot be filed in a state court.

If you are thinking about filing for bankruptcy, call me first for a free consultation. I have been practicing law in Colorado for over 30 years, specializing in bankruptcy cases in the state of Colorado. I provide fair, affordable, and friendly service. Call me today for a free consultation, and click here to fill out my bankruptcy questionnaire.

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Lawyer Q&A: Bankruptcy

Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating assets to pay their debts or by creating a repayment plan.

Bankruptcy is also a legal status of a person that cannot repay the debts it owes to its creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Here is a recent Lawyer Q&A that I participated in. For more information about bankruptcy call the Law Office Of Paul Stuber in Boulder Colorado at (303) 442-6448.

Question: If I filed for bankruptcy and later got served a summons for court over a debt I had listed on the bankruptcy petition is there anything I can do?

Paul Stuber: It is important to let them know about the bankruptcy right away. Sometimes the contact that was in the petition does not get it to the collection attorney right away. As soon as they know about the bankruptcy they must stop the collections effort under Federal Law. It doesn’t hurt to remind them of that fact and they should let you alone. If you have an attorney make sure the collection attorney is given your attorney’s name and number. If they continue they are in violation of the automatic stay under the Bankruptcy Federal Law.

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