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It is not unusual to fear the bankruptcy process. After all, a common misconception about bankruptcy is that it damages credit scores permanently. However, filing for bankruptcy has the opposite effect in most cases. Colorado Law Group has completed hundreds of bankruptcy cases for clients whose credit scores improved as a result of their bankruptcy. In fact, bankruptcy will improve your income-to-debt ratio and eliminate past derogatory reporting on your credit reports.
Although bankruptcy is appropriate in many cases, it is recommended to seek attorney advise when making the decision to file for bankruptcy. Colorado Law Group offers free initial consultations to all potential clients in order to present them with their options under the Bankruptcy Code along with alternatives to bankruptcy, such as debt consolidation and debt management.
requirements to file chapter 7
- You have not received a chapter 7 discharge within the past 8 years
- You have not received a chapter 13 discharge within the past 4 years
- You have not filed for bankruptcy within the past 180 days (some exceptions may apply)
- Your 6-month annualized income is less than the Colorado median income for your household size
documents to file chapter 7
- Pay stubs or other proof of income for the past six months,
- Filed tax returns for 2014 and 2015 (or the last filed return),
- Most recent bank statement(s),
- Any legal paperwork you received (eg. writs of garnishment, court summons, foreclosure notice, etc.).
- Completed credit counseling class by a Colorado approved agency.