bANKRUPTCY BASICS IN COLORADO
Todd G. Tallerday is a bankruptcy attorney at Tallerday Law, LLC in Denver, Colorado. Tallerday specializes in working with Colorado clients who are going through some of life's most difficult times, and offers credit counseling and debt education services, in addition to legal guidance and support. In this series of articles, he discusses the basics of bankruptcy in the state of Colorado.
There is no single best time to file for bankruptcy, however a good rule of thumb for people to follow is that they should consult with an attorney as soon as it becomes difficult to pay the monthly bills in full. It is always better to be proactive, rather than reactive.
The state of Colorado has a somewhat unique homestead exemption. Using this exemption, debtors who file for bankruptcy can potentially keep some of the equity they have built up in their homes, however whether or not the homestead exemption can be applied will depend on the specific merits of the individual case.
A 341 hearing, also known as a meeting of the creditors, is an event that the debtor must attend with his or her attorney. The meeting itself is generally very straightforward, and it should be over with fairly quickly. Debtors do not need to prepare in any special way for the meeting itself.
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