You should not feel ashamed if you are struggling to pay bills. People from all walks of life experience financial hardship and consider filing for bankruptcy. Dale L. Fischer provides bankruptcy legal services to ensure that the right avenue is pursued for you and that the process is smooth. Our goal is to get you through your bankruptcy quickly and efficiently and to help you plan for your financial recovery.
The Bankruptcy Abuse Prevention & Consumer Protection Act of 2005 brought about significant changes in the bankruptcy system. Many of these changes were designed to protect large banks and creditors, not you, the consumer. The new law attempts to steer people away from Chapter 7, or total liquidation, and toward Chapter 13, or debt consolidation and partial repayment. Now if you intend to file for bankruptcy and your income is over the median for Colorado, you must undergo a means test to determine eligibility for Chapter 7. If you earn above the state median and have at least $166.67 per month of available income, you will automatically be denied Chapter 7. However, the means test can be complicated because not all living expenses are automatically allowed.
The bankruptcy process has become more complicated as a result of the new legislation, and trying to go it alone may reduce your chances of qualifying for debt liquidation. Dale L. Fischer can analyze your living and other expenses with the goal of increasing your chances of qualifying for the best debt relief program available. The 2005 bankruptcy law requires consumers to complete a credit counseling briefing six months before filing for bankruptcy, as well as a personal financial management seminar before a bankruptcy is completed and debts are discharged. Our law offices will be able to coordinate the fulfillment of these requirements for you. If you have completed credit counseling through a consumer credit counseling agency and were presented with a debt management plan that you are unable to adhere to, we can help. Navigating the new system alone has proven difficult and frustrating for many people who are already facing significant stress from their financial situations. Contact Dale L. Fischer today to learn how we can help with your financial recovery.
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