Denver Colorado Bankruptcy Attorney
About personal bankruptcy & bankruptcy for business
Bankruptcy offers debtors a tool to restructure and pay off their debts over time. Originally created to serve the interests of creditors, bankruptcies in the United Sates now are almost always initiated by debtors and offer individuals and businesses a way out of debt. Although most Americans owe creditors some amount of money, bankruptcy is reserved for individuals and businesses who have a significant amount of debt they are unable to repay and is not the right option for all debtors. Bankruptcies are usually the result of significant and systematic financial difficulties and should not be seen as financial failure. Bankruptcies were designed to be a second chance for debtors and specific bankruptcy options exist to suite most individuals’ bankruptcy needs.
Types of bankruptcy
Bankruptcy is a federally created and administrated protection for debtors and can be seen as a chance to start over fresh. There are 6 types of bankruptcies available to help debtors with a variety of needs, the three most common and best known are Chapter 7, Chapter 11, and Chapter 13 bankruptcies. All 6 types of bankruptcies serve as processes to help businesses and individuals get out of debt and become more economically successful. Following full discharge and repayment of debts, those who file bankruptcies are free from debt and can start to rebuild their credit and savings. Bankruptcies in the US were designed because congress acknowledged that there are some financial difficulties which are out of the hands of individuals so those who need to file bankruptcy should not feel ashamed.
Bankruptcy takes time
More than anything, bankruptcy is a process that takes time, often years, and some amount of involvement. The decision to file can take a lot of thought and should be made after reviewing all financial options. Bankruptcy, however, does not need to be a difficult process and can go a long way towards correcting years of financial hardship. Being a legal process, it is often advisable for individuals and businesses to consult a lawyer prior to filing bankruptcy to see if other options exist. Although individuals and businesses can file without a lawyer, consulting legal council is common, advisable in most cases, and can help expose other, less drastic options.
If you would like to learn more about your options, we can help. More information on filing bankruptcy.