CH 7 Bankruptcy Lawyer Denver
Most people choose a Chapter 7 bankruptcy because the process generally takes approximately five to six months. A Chapter 13 on the other hand takes about 3 to 5 years, and is more complex compared to a Chapter 7. But both types of bankruptcies can take a longer or shorter time depending on the complexity of your case. A resourceful and experienced bankruptcy lawyer can assess your financial situation and determine which bankruptcy is right for you or whether you even need to file for bankruptcy in the first place.
Chapter 7 Bankruptcy In Denver
Assets that are not defined as protected under Colorado bankruptcy exemptions will be liquidated in a Chapter 7 bankruptcy. Money that is collected from that liquidation process will be used to pay your creditors. To file a Chapter 7 you will need the following information:
- Your tax returns for the last two years
- Deeds to estates you own
- Your income sources
- Your debts
- Your property including assets and possessions not just real estate
- Deeds to real estate you own
- Documents for loans you may have
- Titles for your car(s)
Your lawyer will help you collect all the information you need to file this type of bankruptcy.
How Your Lawyer Will Help You
Your lawyer will draft the documents that are required to file for Chapter 7 bankruptcy after all the needed information has been gathered. You will then be able to review the documents, and after you sign them, your lawyer will file them with the court. An automatic stay will go into place on the date the lawyer files the Chapter 7 bankruptcy, preventing any collection efforts or harassment from creditors. This means your creditors will no longer be able to sue, call, or garnish your wages.
After this, a Meeting of Creditors or a 341 Meeting will take place. You as the debtor is expected to answer all the questions of the trustee entrusted to your case at this meeting. The questions are simply meant to ensure that everything that was filed by you and your attorney is true and correct. Creditors rarely attend such meetings but when they do, they may be allowed to ask the debtor questions.
What Happens After The Meeting Of Creditors
You have to wait two months after the Meeting of Creditors, which is a period set aside for any objections. If there are no objections, then the court will give a discharge order to creditors preventing them from attempting to collect the debt from the debtor. Any objections that arise during the two month period can complicate your case, but your lawyer can help you handle the objections.
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Are You Eligible For A Chapter 7 Discharge?
To be eligible for a Chapter 7 discharge you must pass the means test. This test determines whether your income is low enough for you to file a Chapter 7 bankruptcy. If your income is too high, you can always fuse Chapter 13 bankruptcy. However, even if you pass the means test, there are certain additional requirements that you must meet to qualify for a Chapter 7 discharge.