According to the Flume, the chairman of the board of the Hartsel Fire Protection District has again filed for bankruptcy. This makes it the second time in six years that Herbert M. Burton, Sr. and his wife have filed for bankruptcy in Denver. On February 4th, the Burtons filed for Chapter 13 bankruptcy, listing about $273,000 in assets and $267,000 in liabilities. They could not file for Chapter 7 bankruptcy, since they already filed for Chapter 7 bankruptcy in 2005, and by law, a person must wait 8 years before filing for Chapter 7 bankruptcy again.
For many who live in Denver and throughout the State of Colorado, bankruptcy is a viable option to help get out of spiraling debt and crushing financial burdens. But what exactly are the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy? One of the main differences is the way debts are handled and paid off. Chapter 13 bankruptcies allow filers to get out of credit card or mortgage debt by setting up a schedule of payments with reasonable interest rates and pay back amounts. Chapter 7 bankruptcies, on the other hand, reduce assets to cash and make distributions to creditors.
This is just one of the differences between Chapter 7 bankruptcies and Chapter 13 bankruptcies. An experienced Colorado bankruptcy attorney can help you understand all of the differences between the two, so you can choose the legal pathway that is right for you and your family.
If you are considering bankruptcy in the State of Colorado, it is important to discuss your situation with experienced and veteran Colorado bankruptcy attorney, Brian Daniel. Brian Daniel will be able to assist you in making a financial decision that is best for you, your family, and your future, so you can safeguard your assets and reduce your liabilities. Contact Brian Daniel today for a Free Initial Consultation at (303) 951-0233.