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All You Should Know About Bankruptcy Filing
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Of all the things that are important in life, money is certainly one of the most important ones and there is no second thought about that fact. All of us, at some point or the other in our lives have faced a monetary crunch, be it in the college canteen, or in the more serious facades of life. In such situations, borrowing from others is but natural. As you read along, you will get to know all that you should about Colorado Bankruptcy Lawyer services and the various aspects of Denver Bankruptcy cases.
The basic meaning of the term; Bankruptcy
This is a word that most of us are aware of and in a layman’s language it refers to the condition in which a debt or (a person taking a debt) is unable to repay back the entire or partial amount. The role of a Colorado Bankruptcy Attorney in such cases is to allow and see the process of selling of debtor properties in order to pay the amount back or devising a plan for the same.
List of some frequently asked questions about Broomfield CO bankruptcy attorney firms
With the basic knowledge about what is bankruptcy filing, it makes all the sense to answer these FAQs.
1. Different types of chapters; what are these?
When we are talking of Denver Bankruptcy cases and about hiring the best Colorado Bankruptcy Attorney, it is essential to note that there are two types of chapters that the law firms deal with, namely the chapter 7 and the chapter 13. The former is the one in which in lieu of the unpaid amount, the debtor uses his or her security property to settle it. On the other hand, in the latter, lets you do the same through a plan.
2. What are different documents that I might need while filing under the Chapter 7 Denver bankruptcy case?
Some of the most important documents that you ought to carry include the list of bank statements and notes, bills, bounced checks, invoices, receipts by the creditor, a complete report and documentation showing previous three years’ income tax etc.
3. For how long after one filing do I need to wait till I get to re-file under the Chapter 7 Denver criterion?
According to most Colorado Bankruptcy Lawyer services and state laws, the minimum duration that you need to wait is 8 years after filing the chapter 7 and four years after filing chapter 13. However, these are subject to slight changes.
4. What is the probable fee for hiring a good and trusted Broomfield CO bankruptcy attorney?
The best part of such Denver Bankruptcy cases is that there are several options to choose from that are very reasonable. Look for the ones that allow you to file your petition after knowing their fees.
5. When should I file under the Chapter 7 Denver bankruptcy criterion?
This decision is solely dependent on the situation in hand although there are some pre-defined rules that govern the process of qualification.
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