Diane K. Bross – Bankruptcy for Colorado Homeowners

 In Bankruptcy

Filing for bankruptcy is something many never want to have to think about, and it’s earned a very bad
reputation as this last stop on a path to financial ruin over the years. But it’s not nearly as scary as it’s
made out to be. There is hope even in declaring bankruptcy, and a bankruptcy lawyer in Colorado
Springs, like Diane K. Bross, can help you make the most of the situation while you pay off your debts.

Here, we’ll be going over the best type of bankruptcy to file for Colorado homeowners to help them
make the softest landing that they can.

What is the best type of bankruptcy to file for Colorado homeowners?

According to Colorado Springs bankruptcy lawyer Diane K. Bross, filing for Chapter 13 bankruptcy is
often the best option for Colorado homeowners. Also commonly referred to as Wage Earner’s
Bankruptcy, Chapter 13 bankruptcy helps those who have an income above the median and cannot file
for Chapter 7.

All debts are reorganized into one of three different classifications priority claims, secured claims, or
unsecured claims. A bankruptcy attorney in Colorado can help you better understand what kinds of
debts would go into each category. A payment plan is then created to pay back a portion of these debts,
and this can last anywhere from three to five years, depending on your amount of disposable income.

For those who have an income below Colorado’s median income, filing for Chapter 13 can still be an
option. If you need to protect property, like your home, a bankruptcy lawyer in Colorado Springs can

What makes Chapter 13 bankruptcy the best option?

A Colorado Springs bankruptcy lawyer will often recommend that homeowners file for Chapter 13
bankruptcy because, if you are behind on mortgage payments, this debt can be paid into the plan. This
allows a homeowner to keep their home.

Are you in need of a bankruptcy lawyer in Colorado Springs? Have more questions about if Chapter 13
could work for you? Contact Diane K. Bross today!

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