bankruptcy made simple

It is not unusual to fear bankruptcy. 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. In fact, bankruptcy will improve your income-to-debt ratio and eliminate future derogatory reporting to the credit bureaus which may better your credit score over time.

Although bankruptcy is appropriate in many cases, it is recommended to seek attorney advice when making the decision to file for bankruptcy. Colorado Law Group offers initial consultations to potential bankruptcy clients in order to present them with their options under the Bankruptcy Code.

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 2019 and 2020 (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.