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Bankruptcy • Business Law • Personal Injury • Divorce
In order to offer our clients the best legal representation possible, lawyers at our Boulder, Colorado, law firm focus their practice on select areas of law. Each legal situation is unique and if you are involved in a business dispute or transaction, a divorce, or considering bankruptcy, it is important discuss your concerns with an experienced attorney. Contact Balis & Barrett and ask about representation.
Bankruptcy and collections: Attorney Barton Balis is one of the few attorneys in Colorado recognized statewide as an authority in the areas of commercial and consumer bankruptcy, assisting businesses and individuals with creditor and debtor representation, including:
- Chapter 7 Bankruptcy (Liquidation)
- Chapter 11 Bankruptcy (Debt reorganization)
- Chapter 12 Bankruptcy (Family Farmer)
- Chapter 13 Bankruptcy (Wage Earner)
More information on Colorado bankruptcy is available below.
Chapter 7 Bankruptcy is designed for debtors in a difficult financial situation who do not have the ability to pay their existing debts over a period of time. Under Chapter 7 bankruptcy, a trustee takes possession of the debtor's property. A debtor may claim certain property as exempt. The trustee then liquidates the non-exempt property and uses the proceeds to pay the debtor's creditors according to the priorities of the Bankruptcy Code. The bankruptcy court then discharges all of the debtor's dischargeable debts.
Chapter 11 Bankruptcy is designed primarily for the reorganization of a business.
Chapter 13 Bankruptcy is designed for debtors with regular income who are temporarily unable to pay their debts but would like to pay them in installments over a period of time. Under Chapter 13 Bankruptcy, the debtor must file a plan with the bankruptcy court to repay his creditors all or part of the money that he owes them, using his future earnings. The debtor may claim certain property as exempt and retains possession of all of his property. The plan can last from three to five years and must be approved by the bankruptcy court before it takes effect. After completion of the plan, the bankruptcy court then discharges all of the debtor's dischargeable debts.
If you are considering bankruptcy contact us today to inquire about a bankruptcy consultation. We can help you gain control of your finances.