Chapter 7 Bankruptcy Attorney in Denver
A Chapter 7 Bankruptcy in Denver, Colorado can be a very effective way to handle debt. The purpose of a Chapter 7 Bankruptcy is to allow those who are honest, but have had a financial setback to get a fresh start by getting rid of (“discharging”) most of their unsecured debt.
The Chapter 7 process begins by meeting with a Denver Bankruptcy lawyer. During the initial consult, we will discuss the big picture for you financially, and determine the best course of action. We will discuss both bankruptcy and non-bankruptcy options. If you choose to do a Chapter 7 Bankruptcy in Denver, Colorado, I will then work with you to establish a plan of action including when to file, and what things to do to prepare for filing so that your case goes as smoothly as possible. There are many actions that people take in normal life that can cause issues in a bankruptcy. I will advise you to help make sure you are aware of the “dos” and “don’ts” to protect your assets, and to help you avoid getting entangled in difficult legal situations once your case is filed. Like any other area of the law, the bankruptcy code is complex and it is important to select an attorney who has substantial experience with it to make sure you can get rid of your debt, and protect your assets in the process.
Once we have planned when to file and have gone over the dos and don’ts, I will draft your Chapter 7 Bankruptcy Petition. I will then meet with you personally to review and sign the petition. Most bankruptcy case filings range from about 50-90 pages, so it is important to get them drafted correctly to avoid your case being rejected. I will then file your petition and all of the necessary supporting documents with the Colorado Bankruptcy Court. On the date that you file your case, all collection efforts, including creditor phone calls, creditor letters, and even pending lawsuits, must immediately stop (with some very rare exceptions) because an “automatic stay” goes into effect immediately upon the filing of the case. The case will then proceed and any creditors may only communicate with you through your Denver Bankruptcy attorney.
You will attend a hearing called a “341 Meeting of Creditors”. I will be representing you at that hearing and will make sure that you know what to bring with you, what questions to expect and will make sure that you are otherwise prepared. A Bankruptcy “Trustee” will ask you questions and after the hearing, I will work with the Trustee to make sure that your case gets completed successfully. Approximately 61-75 days after that hearing, if the legal requirements have been met, you will receive an “Order of Discharge”, which is a federal court order telling your creditors that they can no longer attempt to collect debt from you (with some exceptions like student loans, some taxes and some other rare debts). At that point those debts are behind you and you can have a fresh start and begin building for the future.
A Chapter 7 discharge is a very powerful tool and a great way to address debt that you cannot afford to pay. The Chapter 7 process is designed to allow you to get the benefit of relief from your unsecured debts, and even from things like a vehicle payment that is too high. In exchange for this benefit, the Court assigns a Bankruptcy Trustee to work for your creditors to try to get some funds back to them by liquidating your assets. However, because of “exemption” laws, the vast majority of your assets, and in many cases all of your assets, will be protected and will not have to be turned over to the Trustee. This is one of my primary jobs as your lawyer; to protect your assets by planning to the extent possible and by making sure we are properly listing every asset and every exemption available under the law.
If you believe that Chapter 7 might be a good option for you please feel free to call me at (303) 945-5822 and we can discuss your options in more detail.