The two main ways to file your individual bankruptcy under the Colorado bankruptcy laws code are chapter 7 and 13 bankruptcy.
Situations under which the chapters are issued
- Chapter 7 is filled when an individual has very little property
- If you have no extra money left after the expenses each month then you can file Chapter 7
- Chapter 13 is filed when you have important equity and property at home
- You have standard income and are not willing to keep up the payments listed on your overdue amount
Individuals who qualify the means test and completed a necessary profiling session can file under chapter 7.
A debtor whose insecure sums is less than $360,475 can choose to file under chapter 13.