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(The following is for educational purposes only, and it should not be construed as legal advice. PayingPaul.Com makes no guarantees about the accuracy of any information included here. For legal advice, please consult an attorney or lawyer in your state).
How The New Bankruptcy Laws Affect Colorado
On October 17, 2005 Congress implemented the new legislation colloquially referred to as the “new bankruptcy law”. Under this law, filing for bankruptcy protection through Chapter 7 became much more difficult for people in Colorado and across the nation. Under the new provisions, in order to declare, one must first take a 90 minute required credit counseling session to see if other bankruptcy alternatives exist that can help. If not and one hopes to file Chapter 7, he or she must first compare their income with the median income of the state. If they fall below it, they can proceed with filing Chapter 7. If not, however, they will have to pass the bankruptcy means test in order to be eligible. To gauge whether you will be eligible you should always consult with a bankruptcy attorney, but to get a rough idea, here are the median income statistics for Colorado:
2-person families: 60,577
3-person families: 64,883
4-person families: 75,775
5-person families: 66,558
6-person families: 64,703
7-or-more-person families: 62,354
Considering how much damage having a bankruptcy on your credit report can be, it rarely makes sense to declare, but it makes even less sense if you are going to forced to pay the debt off through Chapter 13 while taking the same credit hit. Because of these changes many people in Colorado have begun turning to debt management options like consumer credit counseling or debt settlement. Both are great choices for people who are overextended with their debt, but are not knocked out and are committed to getting out of debt.
To get matched with a debt service simply fill out a form today!
If you would like to learn more about the debt issues pertinent to Colorado, feel free to browse these resources:
Colorado Consumer Credit Counseling Services
Colorado Bankruptcy Laws
Colorado Debt Collection
Colorado Bankruptcy Statistics
2004: 27,383
2005: 42,173
2006: 9,544
Colorado is another state that saw a huge difference in the number of people filing bankruptcy between 2005 and 2006. When it was all said and done, 32,629 less people claimed Chapter 7 & 13 bankruptcy in 2006 than in 2005, which adds up to a 77.3% decrease. Much to the dismay of overextended consumers, people in need of legitimate relief are being forced into Chapter 13 reorganization bankruptcy plans, where their disposable income is turned over the courts for up to five years. As a result of these tough changes more consumers in Colorado are turning to debt negotiation and consumer credit counseling agencies for help.
How The New Bankruptcy Laws Affect Colorado
On October 17, 2005 Congress implemented the new legislation colloquially referred to as the “new bankruptcy law”. Under this law, filing for bankruptcy protection through Chapter 7 became much more difficult for people in Colorado and across the nation. Under the new provisions, in order to declare, one must first take a 90 minute required credit counseling session to see if other bankruptcy alternatives exist that can help. If not and one hopes to file Chapter 7, he or she must first compare their income with the median income of the state. If they fall below it, they can proceed with filing Chapter 7. If not, however, they will have to pass the bankruptcy means test in order to be eligible. To gauge whether you will be eligible you should always consult with a bankruptcy attorney, but to get a rough idea, here are the median income statistics for Colorado:
2-person families: 60,577
3-person families: 64,883
4-person families: 75,775
5-person families: 66,558
6-person families: 64,703
7-or-more-person families: 62,354
Considering how much damage having a bankruptcy on your credit report can be, it rarely makes sense to declare, but it makes even less sense if you are going to forced to pay the debt off through Chapter 13 while taking the same credit hit. Because of these changes many people in Colorado have begun turning to debt management options like consumer credit counseling or debt settlement. Both are great choices for people who are overextended with their debt, but are not knocked out and are committed to getting out of debt.
To get matched with a debt service simply fill out a form today!
If you would like to learn more about the debt issues pertinent to Colorado, feel free to browse these resources:
Colorado Consumer Credit Counseling Services
Colorado Bankruptcy Laws
Colorado Debt Collection
Colorado Bankruptcy Statistics
2004: 27,383
2005: 42,173
2006: 9,544
Colorado is another state that saw a huge difference in the number of people filing bankruptcy between 2005 and 2006. When it was all said and done, 32,629 less people claimed Chapter 7 & 13 bankruptcy in 2006 than in 2005, which adds up to a 77.3% decrease. Much to the dismay of overextended consumers, people in need of legitimate relief are being forced into Chapter 13 reorganization bankruptcy plans, where their disposable income is turned over the courts for up to five years. As a result of these tough changes more consumers in Colorado are turning to debt negotiation and consumer credit counseling agencies for help.