Chapter 7 bankruptcy colorado

2005 Bankruptcy Act Credit Counseling
The 2005 Bankruptcy Act requires all individual debtors who file bankruptcy on or after October 17, 2005, to undergo credit counseling within six months before filing for bankruptcy relief and to complete a financial management instructional course after filing bankruptcy.

2005 Bankruptcy Act Means Test
Under the 2005 Bankruptcy Act your income and expenses will be analyzed to determine if you qualify to file a Chapter 7 or if you must file Chapter 13.

To apply the means test, the courts will look at the your average income for the 6 months prior to filing and compare it to the median income for Colorado. If the income is below the median, then you may choose Chapter 7. If your income exceeds the median, the remaining parts of the means test will be applied to determine if you can file Chapter 7 or if you must file Chapter 13.

(See Colorado Means Test)

Gathering Paperwork
To begin the bankruptcy process you must itemize your current income sources; major fi

how to file for bankruptcies