It may be a solution



Times of financial distress can be overwhelming. Worries about making rent and paying bills can be compounded by constant calls from debt collectors and mounting credit card debt. During these difficult times, filing for bankruptcy can provide an opportunity to eliminate these debts and gain a fresh financial start. While there are several types of bankruptcy available depending on the individual circumstances, most individuals filing for bankruptcy choose one of two options available to most individuals.

Chapter 7 Bankruptcy

Chapter 7 bankruptcies provide an expedited means of eliminating debts by liquidating personal assets. To qualify for debt relief, a person must place all of their assets into a bankruptcy estate except for essential living necessities such as a modestly priced home, car, and clothing. The assets in the bankruptcy estate are then sold off to pay down the debt. If the debt isn’t fully covered, the remaining amount is forgiven. If the proceeds exceed the amount of the debt, the sale is stopped and the debtor receives any proceeds in excess of their owed debts. Our price for Chapter 7 Bankruptcy starts at $1,650 (includes filing fee of $335, credit classes and credit report).


In a Chapter 13 bankruptcy, individuals with a steady income are allowed to create a payment plan to settle their debts without having to sell of their assets. The payment amounts are set based on income and what the court considers to be reasonable living expenses. Plans can last up to five years. If the payments are insufficient to cover the debt within this time and the plan set by the court was followed, any debts that remain after the conclusion of the payment plan term will be discharged.

To learn more about your bankruptcy options, contact Humphrey & Associates, P.C. to schedule a consultation. The Cheyenne-based law firm serves Wyoming and Colorado including Fort Collins, Greeley, Laramie, and Casper.

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