Considering Bankruptcy in Colorado?
The decision to file bankruptcy is not an easy one, and it is often complicated by bankruptcy myths and misconceptions. Many people do not realize that it is a safe way to restore your finances and take steps toward a better future.
If you have questions about bankruptcy, talk to a lawyer rather than relying on advice from friends or family. An experienced bankruptcy attorney can tell you whether bankruptcy is a good option for resolving your debt issues. For a free consultation, please call Faletti Law Office PC at 720-863-4426 or contact us online.
Learn the Truth About Bankruptcy
Below are several common misconceptions about bankruptcy:
Bankruptcy will ruin my credit rating: Actually, successfully completing bankruptcy can help your credit. Instead of letting the problem get worse, you took control of your debt and resolved it. Watch your spending and pay your bills on time, and you can re-establish credit after bankruptcy.
Filing bankruptcy is morally wrong: Bankruptcy is a legal debt relief option provided by the federal government to give individuals and businesses a fresh start. You have the right to file bankruptcy to get out from under overwhelming debt.
I will lose my house and car if I file bankruptcy: Under Chapter 7, if you want to discharge (eliminate) a secured debt such as a mortgage or car loan, you must return the car or home to the creditor. If you want to keep your home or your car, you may, but you must keep making the payments. In Chapter 13, your debts, including mortgage and car loans, will be reorganized into a repayment plan. As long as you make the payments, you can keep your car and home.
Bankruptcy discharges all types of debt: Some debts may not be discharged under any chapter of bankruptcy. You cannot discharge obligations such as student loans, alimony, child support. Death or personal injury judgments against you are not discharged if you caused the death or injury while under the influence of drugs or alcohol, or if you acted willfully. There are also restrictions on which types of tax debts you may discharge.
Denver Chapter 13 Bankruptcy Attorney
To schedule a free consultation, please call 720-863-4426.
