What kind of debt relief is available to married couples filing for bankruptcy?

When married couples in Colorado file for bankruptcy, they may be able to receive debt relief in several different ways. The most common method is a Chapter 7 bankruptcy, in which most unsecured debts, like credit card debt, can be discharged, meaning that the debt is essentially wiped away and the debtor is no longer responsible for any associated payments. Another type of bankruptcy available to married couples is Chapter 13 bankruptcy. In Chapter 13, married couples typically enter into a court-approved payment plan that allows them to repay a portion of their debt over a period of three to five years. During this time, the couples are protected from creditors by the court and are able to make affordable payments and avoid any additional debt. Lastly, married couples may also be able to apply for debt consolidation in Colorado. This process involves taking out a loan to pay off their existing debt and consolidating it into one manageable monthly payment. Debt consolidation can be a great way to manage debt and make it more manageable for couples. No matter which type of debt relief is chosen, married couples in Colorado should always seek advice from a qualified financial professional or an experienced attorney before making any bankruptcy filing decisions.

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What kind of debt relief is available to married couples filing for bankruptcy?

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