Income & expenses
Understand what the household can actually sustain.
Regular income, seasonal income, ordinary living costs, and future changes can affect whether a repayment structure is realistic.
Lowenberg Bankruptcy Law
Debt does not have to define the rest of your life.
Financial pressure can follow divorce, medical expenses, business challenges, job loss, credit cards, lawsuits, and unexpected life events. A difficult season does not need to be faced with shame or handled without a careful evaluation of the available options.
Start with a complete financial picture.
Bankruptcy is not right for everyone. Lowenberg Bankruptcy Law helps clients evaluate whether bankruptcy is appropriate, understand its consequences, and consider Chapters 7, 13, 11, or 12 when those chapters are relevant to the circumstances.
A useful review is not just a list of credit cards. It looks at income, expenses, property, liens, debts, current collection activity, support obligations, business interests, prior filings, and the timing of what has happened before a decision is made.
Property & loans
See the difference between ownership and equity.
Homes, vehicles, equipment, accounts, business interests, liens, and current exemptions deserve a careful review before assumptions are made.
Debt & timing
Put every creditor and deadline in one view.
Collection activity, lawsuits, tax issues, support obligations, recent transactions, and prior filings can change the options that need to be evaluated.
Chapter 7 bankruptcy
Chapter 7 does not use a repayment plan in the way Chapter 13 does. The federal court appoints a trustee to administer nonexempt assets, while the Bankruptcy Code allows certain property to be exempt. The fact that property is owned does not answer what will happen to it.
A Chapter 7 discharge can provide relief from some debts, but a discharge is not automatic, does not cover every debt, and does not erase every lien on property. Eligibility, income, prior filings, property, and timing all matter.
Chapter 13 bankruptcy
Chapter 13 is designed for individuals with regular income who need to evaluate a court-supervised repayment plan. Plans are generally three to five years, and the structure can allow a person to keep property while making plan payments.
The practical questions are specific: what income is available, what debts must be addressed, what property is secured by a lien, whether mortgage payments can be maintained, and what obligations continue during the plan. A Chapter 13 case needs a plan that can work in real life.
Chapter 11 bankruptcy
Chapter 11 is commonly associated with reorganization for businesses, partnerships, or more complex financial structures. In some circumstances, people in business or individuals also seek relief under Chapter 11, and Lowenberg Bankruptcy Law evaluates Chapter 11 matters when that path is appropriate.
A Chapter 11 case usually involves a proposed reorganization plan, creditor rights, financial disclosures, and court confirmation. It is not a quick substitute for a clear business and household financial analysis.
Chapter 12 bankruptcy
Chapter 12 is a distinct federal framework for qualifying family farmers and family fishermen with regular annual income. It uses a repayment-plan structure designed around the particular statutory category, and Lowenberg Bankruptcy Law evaluates Chapter 12 matters when that path is appropriate.
Agricultural work alone does not establish eligibility. Current statutory requirements, debt, income, operation structure, property, and timing must be reviewed before treating Chapter 12 as an available path.
Bankruptcy alternatives
Bankruptcy may not be the only path. A meaningful review can include negotiation, payment arrangements, asset decisions, litigation exposure, business restructuring, and whether waiting or acting now changes the available choices.
The important thing is not to make a decision based only on the loudest creditor or the most frightening letter. A complete review can identify what needs attention first and what may be better handled through another path.
Before you move money, property, or paperwork.
Financial pressure can make a quick transfer, payment, withdrawal, or agreement feel like the only way to breathe. Before making a step that may be difficult to unwind, get the whole picture. The facts before a filing can matter as much as the filing itself.
Important bankruptcy notice
Questions people ask
Straight answers before a financial decision.
What is the difference between Chapter 7 and Chapter 13?
Chapter 7 and Chapter 13 use different paths. Chapter 7 does not use a repayment plan and can involve a trustee’s administration of nonexempt property. Chapter 13 is for eligible individuals with regular income and uses a court-supervised repayment plan that is generally three to five years. Income, property, debts, prior filings, and current eligibility rules all matter.
Does filing bankruptcy stop collection activity?
Filing generally stops many collection actions through the automatic stay. Lawsuits, wage garnishments, and collection calls are common examples, but the stay has exceptions and can be limited in some circumstances. A deadline, prior case, support obligation, eviction, repossession, foreclosure, or other specific collection activity can change the analysis, so no general answer promises the same result in every case.
Can I keep my home, car, or other property in bankruptcy?
Possibly, but there is no one answer for every home, vehicle, account, or business interest. Exemptions can protect some property, while liens, mortgages, equity, ownership, and the applicable law can change the result. A discharge does not by itself eliminate a valid lien. Accurate ownership, payoff, and value information should be reviewed before assumptions are made.
Is credit counseling part of a bankruptcy filing?
For an individual filing a voluntary bankruptcy petition, approved credit counseling is generally required before filing, subject to limited exceptions. Debtor education is a separate post-filing requirement that is generally needed for a discharge. The District of Colorado and U.S. Trustee Program maintain current information about approved providers and procedure, which should be checked before a filing decision.
What should I gather before deciding whether bankruptcy is an option?
Begin with a complete and accurate financial picture. Useful topics include creditors and collection papers, income, expenses, property and liens, account and loan records, taxes, support obligations, business interests, prior filings, and recent transactions. The precise documents depend on the facts and current forms. This is preparation for a review, not a checklist that guarantees a filing is appropriate or complete.
Will bankruptcy discharge all of my debts?
No. A discharge releases personal liability for certain debts, but not every debt is discharged. The result can vary by chapter, and a valid lien can remain even after a discharge. Tax, support, education, fraud, recent-discharge, and other questions have specific legal rules, so a general FAQ should not be treated as a conclusion about a particular obligation.
Why do recent payments, transfers, or changes to property matter before filing?
They can matter, so they should be disclosed and reviewed before a filing decision. Bankruptcy law can examine certain recent transfers and payments, but the legal rules are detailed and fact-specific. This is not a reason to move money, transfer property, delay a payment, or try to time a filing. It is a reason to keep complete records and seek prompt, case-specific guidance.
Are there alternatives to bankruptcy that may be worth considering?
Yes. Bankruptcy is not the only possible debt-relief path. Depending on the facts, a review may consider negotiations, payment arrangements, litigation exposure, asset decisions, business restructuring, or another bankruptcy chapter. The fit depends on debts, income, property, collection pressure, timing, and current law. No public page can promise that a particular alternative will be available or successful.
Talk to a Human
Talk to a human about what is weighing on you.
Start with a clear conversation about the situation and the options that may be available.