Bankruptcy / Colorado / Wheat Ridge

Filing Bankruptcy in Wheat Ridge: 7 Things You Need to Know

Written by Ben Tejes
Updated Nov 27th, 2023

You are considering filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy in Wheat Ridge. Bankruptcy is a common debt relief choice. In fact, many people in Colorado have received bankruptcy relief, and Wheat Ridge is no different. In fact, there were 7,402 bankruptcies filed in Colorado in the year ending June 30, 2021 (Source). With a population of 31324, I’d estimate a fair number of those were in Wheat Ridge.

The purpose of this article is to provide an extensive list of filing bankruptcy in Wheat Ridge including:

  1. Chapter 7 Bankruptcy in Wheat Ridge
  2. Chapter 13 Bankruptcy in Wheat Ridge
  3. Wheat Ridge Bankruptcy Attorney Fees
  4. Finding a Reputable Bankruptcy Lawyer in Wheat Ridge
  5. Estimating Loss of Belonging (i.e.
  6. Getting Bankruptcy Help in Wheat Ridge
  7. Bankruptcy Alternatives and Conclusion

Without further ado, let’s get started with Chapter 7 bankruptcy.

Chapter 7 Bankruptcy in Wheat Ridge

Chapter 7 bankruptcy is the most common consumer bankruptcy in the United States. People appreciate the simplicity of Chapter 7 bankruptcy, the cost of the Chapter 7 bankruptcy, and the speed of debt relief. For example, in Wheat Ridge, you could get debt relief in about 120 days with a Chapter 7 bankruptcy.

One of the challenges of Chapter 7 bankruptcy in Wheat Ridge is that you have to qualify. In order to qualify in Wheat Ridge, you often have to pass the Colorado bankruptcy means test. You can estimate that qualification below in Wheat Ridge. Let’s cover how you can qualify.

Chapter 7 Qualification

The first part of the means test is to understand your income in relation to the median income levels for Colorado. It considers the average family size and income.

To estimate your qualification, you can take the Wheat Ridge Chapter 7 qualification calculator below that is specific to Wheat Ridge.

Finally, the most recent Colorado median income levels is for cases filed on or after November 1, 2023, and can be found below. 

# of PeopleAnnual Income
1$74,274
2$97,698
3$115,443
4$130,450
5$140,350
6$150,250
7$160,150
8$170,050
9$179,950

If your income exceeds the median, you can move on to the second part of the means test to estimate qualification. The second part of the means test is to understand your actual expenses. You can check out our guide covering trying to qualify for Chapter 7 bankruptcy above the median.

For example, the average median rent amount in Wheat Ridge is $1104, but let's say your rent is almost double that amount. Could you potentially still qualify for Chapter 7 bankruptcy because of those additional expenses? What you are able to state as ab expense is limited, and you can refer to the current national standard for the maximum amounts, but you may want to speak with your attorney about this situation.

Which Could Would You File In If You Live In Wheat Ridge?

Wheat Ridge is located in the Colorado one district district, so our understanding is that you would be filing your bankruptcy in the Denver bankruptcy court. Here's the estimated information we have for your court:

Denver Bankruptcy Court
Address: 721 19th St, Denver, CO 80202
Phone: (720) 904-7300

Does that mean you would have to drive to court?

Not necessarily. 

Please note that main meeting for a Chapter 7 bankruptcy is the 341 meeting of creditors, which is often online via Zoom or another teleconference after the COVID-19 pandemic. 

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is known as a wage-earner bankruptcy. Chapter 13 bankruptcy is a voluntary reorganization of debt.  In Chapter 13 bankruptcy, the individual has debt that they can no longer manage and often own assets that exceed state and/or federal relief. Folks file Chapter 13 bankruptcy often when they do not qualify for Chapter 7 bankruptcy.  

Most individuals in Wheat Ridge will qualify for Chapter 13 bankruptcy as long as they are below the debt limits.

Compared to Chapter 7, there is no liquidation in Chapter 13 Bankruptcy. Although, the discharge won’t be until around 3 to 5 years. The Chapter 13 bankruptcy will stay on your credit report for 7 years.

Wheat Ridge Bankruptcy Attorney Fees

When looking for a bankruptcy attorney, we recommend that you look for these 5 attributes: Rate, Reliability, Referrals, Reviews, and Relevancy. You can check our guide to find a top bankruptcy attorney in Wheat Ridge.

The estimated Chapter 7 bankruptcy lawyer fee in Wheat Ridge is: $1000 - $2280.

The estimated Chapter 13 bankruptcy lawyer fee in Wheat Ridge is: $2,750. The Chapter 13 attorney fee is often set across the district, meaning that all Chapter 13 bankruptcy attorneys in a district may charge around the same fee.

Wheat Ridge Bankruptcy Attorneys

One of the most important things to do is to find a reputable bankruptcy attorney in Wheat Ridge if you decide to hire one. This is legal advice related to finances that are going to affect your future. For example, making sure you are in the right bankruptcy chapter (Chapter 7 vs Chapter 13) could cost you thousands more and take you years longer.

Chapter 7 Bankruptcy Lawyer

As stated above, Wheat Ridge has a population of 31324. In many cases, individuals in larger cities such as Denver or Colorado Springs would like a bankruptcy lawyer close by. In smaller cities, I have found that individuals have questions about whether the bankruptcy will show up in the newspaper or whether friends will hear about it. This is a valid question.

Regardless, you can check the Chapter 7 bankruptcy lawyers in or near Wheat Ridge using the table below. You just need to input your zip code, and voila, you can choose which Chapter 7 bankruptcy lawyer you would like to speak to near or far away from Wheat Ridge in a free bankruptcy lawyer consultation

Chapter 13 Bankruptcy Lawyer

Filing a Chapter 13 bankruptcy in Wheat Ridge may be a bit more intensive, so you may consider a Chapter 13 bankruptcy that is closer to you. That said, with the internet and the pandemic, many of the meetings are now online and you can generally submit your documentation online as well.

How much a Chapter 13 bankruptcy attorney often charges is based on what's called a no-look fee. We do our best to track the Chapter 13 attorney fee in Wheat Ridge.

Bankruptcy Exemptions in Colorado

As you live in Wheat Ridge, you are often able to use the Colorado bankruptcy exemptions to help you keep your belongings.

One of the biggest questions people have is whether they are able to keep their homes in bankruptcy. This is where bankruptcy exemptions come into play. As Wheat Ridge has a home ownership % of 51.8% and an estimated estimated home value of $384096, you can understand that many people want to keep this asset. You can often keep your assets using bankruptcy exemptions.

Here are the Colorado bankruptcy exemptions. The exemptions are revised on different occasions, so you may wish to check the most current information on exemptions. Also, as a reference, Colorado is a place that does not allow you to use federal bankruptcy exemptions. You often have to choose which one to use, so a bankruptcy attorney can help you with that option.

Homestead Exemption

The homestead exemption is often broken down by age and whether you are married. 

  • Single and under 65: $75,000
  • Single is 65 or older: $105,000
  • Married and under 65: $150,000
  • Married is 65 or older: $210,000

Colorado specific homestead bankruptcy exemption text: “Colo. Rev. Stat. § 38-41-201. Real property, mobile home, manufactured home, or house trailer you occupy to $75,000; $105,000 if owner, spouse, or dependent is disabled or age 60 or older; sale proceeds exempt 2 years after received” (Source)

Automobile Exemption

The automobile bankruptcy exemption in Colorado is $7,500.

Jewelry Exemption

The jewelry bankruptcy exemption in Colorado is $2,500.

Personal Property Exemption

The personal property bankruptcy exemption in Colorado is $7,600.

Special Exemption Handling for Colorado

Below is specific special handling of bankruptcy exemptions in Colorado.

  • Automobile: up to $12,500 if used by elderly or debtor with disability

Bankruptcy Help in Wheat Ridge

Unemployment can cause both frustration and angst about options. The most recent statistic I found is that the Wheat Ridge unemployment rate is 3.7%. There may be resources available to help. In addition to the unemployment rate, Wheat Ridge has a disability rate of 14.1%. As such, if you are truly in need and don’t have income, there are resources that may be available that can help you.

Check out the legal aid and free resources that may be available in Wheat Ridge.

Legal Aid and Free Resources

Here are some legal aid resources that may be helpful to you in Wheat Ridge.

The bankruptcy court and district may have free resources that are available to you. I have included the information below. 

Lastly, Wheat Ridge also has a limited English rate of 1.5% and a poverty rate of 12.9%. If you have limited English, you may check out the court websites for Colorado for additional information on how you can be served. You can also see how filing bankruptcy without an attorney can work if you cannot afford a bankruptcy lawyer.

Courts and Districts in Colorado

District of Colorado

  • 901 19th Street Denver, CO 80294
  • 1929 Stout Street Denver, CO 80294
  • 212 N. Wahsatch Avenue Colorado Springs, CO 80903
  • 400 Rood Avenue Grand Junction, CO 81501
  • La Plata County Courthouse
    1060 E. 2nd Avenue, Suite 150
    Durango, CO 81301

Debt Settlement in Wheat Ridge

One of the most common alternatives to bankruptcy is debt settlement. A debt settlement firm would negotiate for a lower amount due on your debt in the case of financial hardship. The goal would be to reduce your debt in half. In this case, you would have a lower monthly payment.

If you are looking at debt settlement in Wheat Ridge, you may want to consider a national debt settlement firm to a local one in Wheat Ridge. For example, most of your creditors are probably national banks instead of local Wheat Ridge banks. As such, you can potentially get lower fees by using a national firm. You should strongly consider the pros and cons and credit score impact before taking the plunge as Ascend only recommends 2 debt settlement firms nationwide that both offer free phone evaluations.

Conclusion

Chapter 7 bankruptcy and Chapter 13 bankruptcy in Wheat Ridge can provide debt relief. That said, you may want to consider the cost of bankruptcy in Wheat Ridge, the different bankruptcy chapters, reputable attorneys in Wheat Ridge and alternatives to help you make the most informed decision. 

You can also take our Chapter 7 vs Chapter calculator below to help you estimate the cost and qualification of Chapter 7 bankruptcy and Chapter 13 bankruptcy in Wheat Ridge.