What are the restrictions for filing for bankruptcy?

In Colorado, there are various restrictions for filing for bankruptcy. In order to file for Chapter 7 bankruptcy protection, you need to have a source of income sufficient to pay your bills. You must also be up to date on all state and local taxes. In addition, you may be required to complete a credit counseling course with an approved provider before filing for bankruptcy. This course should educate you on creating a budget, using credit responsibly, and understanding the effects of bankruptcy on your finances. You must also pass a “means test” to determine if you qualify for a Chapter 7 bankruptcy. This test evaluates your finances to decide if you can pay back some of the debts you owe. To file for Chapter 13 bankruptcy, you must show that you have an income sufficient to pay bills. You may only file if you have unsecured debts totaling less than $394,725 and secured debts totaling less than $1,184,200. Bankruptcy laws also prohibit certain actions such as transferring assets to avoid paying creditors or committing fraud. In addition, if you have filed for bankruptcy within the past eight years, you may not be able to file again. Ultimately, it is important to understand all of the restrictions around filing for bankruptcy in Colorado and to speak with a qualified attorney who can help you decide if it is the right decision for your circumstances.

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What are the restrictions for filing for bankruptcy?

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