Colorado Chapter 7 Bankruptcy Attorney/Lawyer

To qualify for a Chapter 7 bankruptcy you must make less than the median income for people in your area. If your income is above the median income level in your area, you may still be eligible for Chapter 7 protections, but you will have to undergo a means test to determine how much disposable income you have.

To determine this, your monthly expenses for rent, utilities and payments on items not included in the bankruptcy will be deducted from your monthly income.  Your disposable income is then multiplied by 60 to see how much money would be available to pay your unsecured creditors over a five year period.  If this total is $10,000 or more, you will not be eligible for Chapter 7 bankruptcy and will be required to enter into a Chapter 13 bankruptcy repayment plan.  If your disposable income totals less than $10,000 in a five year period, there is still more to the means test.  If your disposable income is $100 a month or more, and the total over the five-year period is equal to 25 percent of your unsecured debt included in the bankruptcy, you will be required to file a Chapter 13 bankruptcy.  If your disposable income is less than $100 a month, you will qualify for Chapter 7 bankruptcy protection.

Under Chapter 7 bankruptcy, you will have the ability to keep all of your exempt assets.  Exempt items differ from state to state.  Generally, they will include retirement savings in approved pension, 401k and individual retirement accounts (IRA). The often include a homestead, vehicle and personal items.  You can speak to our Clawson & Clawson Colorado Bankruptcy Attorney about which assets are protected under the bankruptcy laws in Colorado.

Some debts are not eligible for discharge in bankruptcy.  Child support payments, student loans and most tax debt will not be discharged in bankruptcy.  

For more information on the protections available under Chapter 7 bankruptcy, contact Clawson & Clawson, LLP, to set up an appointment for a free initial consultation.

Other than the bankruptcy related legal services and compensation services, we have a wide range of similar legal and paralegal services that engulf:

• Workers Compensation related legalities
• Bankruptcy based legal issues
• Military Divorce based legal issues
• Car/Bus/Truck Accident based legal issues
• Child Support in related legalities
• Auto Accident based legal issues
• Criminal Defense based legal issues
• Divorce based legal issues
• DUI related legalities
• Family Law based legal issues
• Personal Injury based legal issues
• Wrongful Death based legal issues
• Social Security Disability based legal issues
• Legal Separation based legal issues

One thing we can warrant is the quality of services and the final success achieved by our clients. We expertly tackle all opposition claims and ensure the favorability of the results for our clients. With innovative and robust services, we have earned the reputation of being a top legal services firm in the country and endeavor to live up to such a name in the long run.