Chapter 7 Bankruptcy
An individual can qualify to file a chapter 7 Bankruptcy if more that 50% of their debt is business related or they are under the median or average income based on the number of dependents in their household.
To get your average monthly income, just add the total income from all sources for your household during the six months prior to the current month and divide that by six.
In some cases your income may have declined over the last six months. In that situation, just wait one or more months to increase the chances for bringing your income under the median level for Colorado.
Your annual income is your average income multiplied by 12.
Even for those who are over the median income, they may still qualify if they pass the means test. That consists of additional qualified deductions such as mortgage expense, vehicle payments, health insurance etc.
An individual can voluntarily enter into a chapter 13 to save property, such as a home or a vehicle.
The case must be filed prior to the scheduled sales date of your home.
For vehicles, the case must be filed within 10 days of a repossession.
For those over the median income, they must file a chapter 13 and are committed to a 5 year repayment plan based on their disposable income. Whatever is not paid back is then discharged/forgiven.
Those who voluntarily enter a Chapter 13 they need not commit to a five year plan, if they can catch up what they are in arrears for in 36 months, then they may discharge any unsecured debt at the end of that period.
Chapter 7 Business
A Business may file a chapter 7 and close its doors forever. Technically a business does not receive a discharge, but it ceases to exist.
Chapter 11 Bankruptcy
A business often files a chapter 11 to save the entity from liquidation and closure. It allows for a plan of reorganization to be filed within 180 days. In the interim, with Court orders, it can continue to operate, pay its expenses and employees, and vendors.
NO OBLIGATION CONSULTAION
Our firm has provided compassionate representation for over 10 years.
Our focus is on Bankruptcy. This includes Personal Chapter 7 and Chapter 13 Bankruptcy and Business Chapter 7 and Chapter 11 Bankruptcy.
We offer in person and zoom appointments to fit your schedule.
Denver Bankruptcy Attorney
Jessica L. Hoff
BA Communications, 1999 – University of Colorado at Denver, With Honors
JD, 2003 – University of Denver Sturm College of Law
In her last year of law school, 2002, Ms. Hoff acquired an internship with Colorado Legal Services in their Bankruptcy Department.
After Law School she accepted an associate position with Wolf Haldenstein, Adler, Freemen and Hertz, LLP in Manhattan, NY. Ms. Hoff focused on Complex Civil Litigation and Securities Class Action Litigation.
Upon returning to Denver in 2005 she worked with Charles Lilley and Associates, P.C. where she focused on Consumer Bankruptcy and Securities Class Action Litigation. She then accepted a promotion with Hamil & Hecht, LLC in 2007. She then focused on Complex Civil Litigation, plaintiff and defense work.
In 2008 Ms. Hoff opened Hoff Law Offices, P.C. and focuses primarily on Consumer and Business Bankruptcy as well as Complex Civil Litigation. Contact us to learn how to file for bankruptcy in Denver, Colorado.
Jessica L. Hoff, Esq.
Hoff Law Offices, P.C.
Please note the general information above should not be taken as legal advice. Every individual's situation is unique and legal representation has not yet been retained. An attorney who assists you in filing for Bankruptcy relief under the Bankruptcy Code is considered a Debt Relief Agency.
Call today to schedule a free consultation to discuss your individual situation, and to receive the disclosures required under the Bankruptcy Code.
6400 S Fiddlers Green Cir #250, Greenwood Village, CO 80111
For any general inquiries, please fill in the following contact form: