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Bankruptcy Basics – Chapter 7 Bankruptcy Process
If you are considering filing Chapter 7 bankruptcy in Denver due to an inability to meet your financial responsibilities you’ll need to understand the bankruptcy process. In most cases the bankruptcy process takes about 5 to 6 months from the filing of the petition in Bankruptcy Court to receiving a discharge of your debts and will normally only require one short visit to the bankruptcy courthouse in Denver.
Your first step in this process should be to meet with a bankruptcy attorney in Denver to determine if you are eligible for Chapter 7 bankruptcy protection and relief. Eligibility is determined through the use of the “means test” which takes into account the size of your household, your income, and your indebtedness.
Another important factor to eligibility is whether you have filed for Chapter 7 bankruptcy relief within the past 8 years or Chapter 13 relief within the past 6 years. Once eligibility is determined you will need to take a credit counseling course. This can usually be taken online and can be completed in 1 to 2 hours. Next your bankruptcy attorney in Denver will prepare your bankruptcy petition. Information needed to complete the petition includes: your income, your monthly expenses, your debts, and your assets.
Approximately 30 days after your petition is filed with the Bankruptcy Court in Denver you will attend the 341 Hearing or Meeting of Creditors. At this hearing you will be asked questions about the information you submitted in your bankruptcy petition. This meeting usually takes between 10 to 15 minutes and in most cases will be the only time you will need to appear at the courthouse. After you attend the 341 Hearing you will need to take a financial management course. Again, this can usually be taken online and can be completed in 2 to 3 hours.
Finally, in most cases you can expect to receive a discharge of your debts 4 to 6 months after the filing of your bankruptcy petition. If you are considering filing for Chapter 7 bankruptcy protection and relief contact Trunnell and Sellers, your bankruptcy attorneys in Denver.
How Does the Bankruptcy Process Work?
Do You Have Questions Regarding Bankruptcy Process?
Are you considering declaring bankruptcy in Denver and you’re wondering if a credit card company can sue you and put a lien on your home? This is a question we have heard. Here’s what normally happens…
Generally here is what happens:
When you have a credit card, you may be so many months behind because you haven’t made a payment. They will then send this debt to a collection agency and the collection agency will eventually work to get this debt to a court and then the court will serve papers to you, the debtor. If you ignore these papers, a default judgment can occur where the creditor is awarded a judgment and then a means to get this resolved is put into place, generally in the form of levy or a garnishment (up to 25% of your income…)
So, how can a bankruptcy attorney in Denver help? Essentially, we understand what the creditors are trying to accomplish and help you know your legal rights so that you can protect all of your assets (as much as possible). It may shock you to know the creditors have attorneys on their side, so it is in your best interest to have an bankruptcy attorney on your side who will work to protect all of your legal rights.
Give us a call for a free bankruptcy consultation if you live here in Denver or anywhere on the Front Range of Colorado! In the above scenario, a bankruptcy attorney in Denver could help you deal with the levy and also work with you to protect your home!