Debt Relief including Chapter 13 in Colorado Springs CO

For many residents of Colorado Springs, CO, Chapter 13 bankruptcy can provide financial relief during temporary difficulties. The attorneys at Usiak Law Firm can help you evaluate whether this option is suitable for your individual situation. Often, when Chapter 7 is not requisite, Chapter 13 can be a possibility.

In order to qualify for this type bankruptcy, you do need to show proof of a regular source of income that provides enough for you to reasonably keep up with the court-ordered payment schedule. In addition, your debts need to fall between the current limits set for secured debts.

The main reason a person turns to Chapter 13 bankruptcy is to avoid repossessions or foreclosures on their properties. This legally allowable category of debt relief allows those facing temporary financial setbacks to avoid having their wages garnished or lawsuits brought against them for failure to repay debts. It also keeps bill collectors from calling repeatedly and interest from continuing to pile up.

Often, the need for debt relief comes as a result of short-term setbacks, such as these:

• Major illness
• Unanticipated expenses
• Job loss

When you file for this type of bankruptcy, you are given a 3- to 5-year period in which to catch up on any past-due payments, while keeping current on existing accounts.

When you meet directly with a Colorado Springs, CO, Chapter 13 bankruptcy attorney at Usiak Law Firm, you can discuss your personal financial situation to find out whether this course of action is best for you. To set up your free initial consultation, call our offices, today.