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Chapter 13 Bankruptcy – Colorado

We always say that there is usually only one bankruptcy for a certain person; your circumstances normally point strongly to one or the other. As we said elsewhere, a Chapter 7 is usually the quickest and least expensive bankruptcy for the average person. Yet, the animal known as a Chapter 13 bankruptcy in many cases is the best choice. This depends entirely on your situation. A normal person who makes under median income, has no assets, has never filed a bankruptcy and who has no other complications probably needs to do a Chapter 7. Yet if that normal person did a bankruptcy in the last 0 to 8 years, has assets, makes on balance too much money for this program, needs to save a foreclosure on his home, needs time to catch up what he owes on his home, needs to get rid of a second mortgage, needs to have time to pay off taxes, needs to slow down student loan collection, needs to keep a car that he owes too much on, or has a hundred other complications, he probably needs a Chapter 13. Filed a bankruptcy lately and still need to stop a garnishment of 1/4 of your wages? Stop the creditors and maybe pay $70 per month instead of 1/4 of your wages? Sound like something you could live with?

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