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Bankruptcy Law Practice in Denver and the following areas
A chapter 13 bankruptcy, also called a wage earner's plan or a debt adjustment, enables individuals with regular income to enter into a plan to repay all or part of their debts. Under Chapter 13, you propose a repayment plan wherein you make monthly payments to the Chapter 13 trustee, and the Chapter 13 trustee collects and distributes the funds to your creditors. You may be required by bankruptcy law to file under Chapter 13(high income, previous bankruptcy filing), or a you may choose to voluntarily file under Chapter 13, although you are eligible for a Chapter 7 discharge, due to certain advantages of a Chapter 13 over a Chapter 7 proceeding. Advantages typically pertain to retaining assets you would surrender in a Chapter 7 and discharge of certain debts that are not discharged in a Chapter 7.
This information pertains to Chapter 13 and Chapter 7 consumer bankruptcy. Each state has bankruptcy laws which apply only in that state. The information contained in the preceding is provided for general information purposes and is not a substitute for a legal consultation and it is not intended as legal advice. Every individual's debt and financial situation is different and you should seek independent legal advice regarding you specific situation.
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