Colorado Bankruptcy Law (CO)
If refinancing is simply not an option, use care filing Chapter 7 or 13
The timing of recent changes in the Code has been devastating to many people. Good jobs today are in short supply and consumer confidence is waning. The stock market remains stagnant and most analysts believe the real estate appreciation boon is nearing it's end. What are Colorado residents to do? Financial help may be only a phone call away, if seeking to reduce monthly payments, lower interest rates, and extend payment schedules by consolidating debts. Or, if refinancing is simply not an option, great care is required when considering Chapter 7 and 13.
Colorado laws, and importantly today, the median income in Colorado, both play an important role when determining filing qualifications. Colorado state exemptions protect only a limited class of assets. To qualify for Chapter 7 in Colorado, debtors may not earn more than the state median income. Chapter 13 plans require monthly payments, to a trustee, for a period of 3 to 5 years under court supervision.