Lots of honest and hard-working people fall on hard times and need to consider filing for bankruptcy protection. Fortunately, the bankruptcy laws promise a debtor “a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of pre-existing debt.” Despite major changes to the bankruptcy laws in 2005, it is still very possible to wipe out certain types of debts depending on your circumstances.

Chapter 7 personal bankruptcy can provide a debtor with a “fresh start” by discharging most of his or her debts. Filing for Chapter 7 bankruptcy may be the right solution for you if you are overwhelmed with bills especially since this option is relatively fast, effective, easy to file and does not require payments over time.

Chapter 13 personal bankruptcy allows an individual debtor to repay all or a portion of his or her debts under the protection and supervision of the bankruptcy court. The debtor is required to submit a plan to repay all or a portion of his or her debts. If the plan is approved by the court, most creditors cannot collect anything from the debtor during the case. The debtor must make regular payments to a Chapter 13 trustee, who disburses the money paid by the debtor to creditors according to the terms of the plan. Upon completion of all payments, the debtor is released from liability for the remainder of his or her dischargeable debts.

The Law Office of David M. Serafin, LLC is dedicated to providing affordable, quality debt relief, bankruptcy and other legal services to financially strapped individuals, families and small businesses in Colorado. We also design creative solutions to our client’s debt problems, and can stop your bill collectors from harassing you. You can find peace again, and save your house from foreclosure, your credit, and even your small business through Chapter 7 or Chapter 13 personal bankruptcy.

When debt becomes overwhelming, and affects your ability to enjoy life, you need a lawyer who can help give you a fresh start. Call us at (303) 862-9124 or contact our office online for a free and confidential initial consultation.