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Chapter 7 Bankruptcy in Denver, CO

Chapter 7 Howard Goodman

YOUR DENVER BANKRUPTCY ATTORNEY

Chapter 7 Bankruptcy, sometimes mistakenly referred to as “liquidation” is the most common form of bankruptcy filed in Denver and the United States. The process involves meeting with an experienced bankruptcy attorney to analyze your situation to determine if chapter 7 bankruptcy is right for you. For many people that I meet, bankruptcy is not a good option.

If it makes sense for you to file chapter 7 bankruptcy, the next step is preparing a Bankruptcy Petition which on average is 50-80 pages long. Federal Bankruptcy Law requires debtors to list all debts and all assets in the petition. There are no exceptions. In addition Debtors must fill out a Statement of Financial Affairs which includes questions regarding income, lawsuits, foreclosure, businesses, closed bank accounts, sales of property and several other matters. I assist you in the preparation of these legal documents.

Debtors must qualify to file for this type of bankruptcy. The qualification is calculated using an 8 page government formula to determine whether debtors are above or below the median income for their State and County of residence.

Prior to filing the Chapter 7 Bankruptcy, debtors must complete a credit counseling class and obtain a certificate of completion which is filed with the Chapter 7 Bankruptcy Petition. A second credit counselling call must be completed post-filing, as well.

Once the Petition is prepared it is electronically filed with the U.S. Bankruptcy Court. This is Federal Court not State Court.

Once the Chapter 7 Case is filed, garnishments, collections, lawsuits and foreclosures will be stopped. The Court will send out a Notice of Filing to all creditors that you have listed in your Petition. I will send a notice to get the lawsuits, garnishments and foreclosures stopped as soon after your case is filed as possible. Generally within a few hours.

Approximately 30 days after your Bankruptcy case is filed, you are required to attend in person a Meeting of Creditors which is run by a Bankruptcy Trustee appointed by the United States Trustee which is a division of the U. S. Department of Justice. I represent you at the Meeting of Creditors. The Trustee is trying to determine if you have any assets that are not protected by law that can be sold for the benefit of the creditors. The Trustee is also looking to see if you have committed any fraud, improperly transferred assets prior to filing. I generally try to resolve all of these issues prior to filing so that you do not need to worry about it.

Please call us to set up a consultation so we can determine which type of Bankruptcy filing, if any, is the right course of action for you.