ARTICLES
Call Now at 303-825-0197 or
Start Your Free Consultation Now
Every person has a different situation. Talk to an attorney today about what we can do to help YOU!
The Gaschler Law Firm LLC
600 Seventeenth Street
Suite 2800 South
Denver, CO 80202
(303) 825-0197 Telephone
(303) 539-9823 Fax
One of the primary purposes of bankruptcy is to wipe out certain debts to give an individual debtor a “fresh start”. You will not be responsible for discharged debts. In bankruptcy, the word "discharge" means that the debt is no longer valid, is wiped out, goes away.
Chapter 7 bankruptcy is often called a “liquidation” bankruptcy because filing a Chapter 7 case allows you to discharge (get rid of ) most of your debt all at once. A Chapter 7 case does NOT involve the repayment of your debts, instead most of your debts will be wiped out within approximately 120 days after your bankruptcy petition is filed with the Court.
Although most debts in a Chapter 7 bankruptcy are discharged, there are specific debts that do not go away. Some debts that are not allowed to be discharged are: alimony, child support, student loans, certain taxes, loans from governmental units, debts incurred by fraud, debts for personal injury caused when driving under the influence, and criminal restitution. You will continue to owe these debts after your Chapter 7 Bankruptcy.
Most clients are worried they will lose everything in bankruptcy. That is not true! In Chapter 7 bankruptcy you can keep most of your personal property. The ability to keep this property is based on state law exemptions. Exemptions are laws that protect and preserve necessary property for you no matter what, even through bankruptcy.
Although the bankruptcy process can be intimidating, it is easy to navigate with help from a qualified and experienced bankruptcy attorney. At the Gaschler Law Firm, we are committed to be there every step of the way to help our clients. The Chapter 7 Bankruptcy process in our office begins with a telephone consultation with one of our experienced bankruptcy lawyers. Next, you will sit down with the attorney and discuss your situation and we will help you to decide what course of action is best for you.
To file a Chapter 7 Bankruptcy, we need to gather some personal and financial information about you. You will complete an intake questionnaire and provide us with information regarding all the property you own and all the money you owe to creditors. You will also supply us with tax returns and a record of all of your income for the past six months. A pre-bankruptcy Credit Counseling course will have to be completed at this time. This course can be completed online and is very easy and short. It simply will ask you questions to take a look at your budget. A certificate of completion will be filed with the Court.
The next step is for our office to prepare your bankruptcy petition and schedules. You will review all the information disclosed in your petition and schedules with one of our attorneys at a final signing appointment. This petition will then be filed with the bankruptcy Court. Once the petition is filed with the court you are entitled to protection under the Automatic Stay provision of the bankruptcy code. What this means is that creditors may not initiate any contact with you or continue with any lawsuits or garnishments. In essence everything stops while your bankruptcy case is in the process of the Court.
Approximately 30 days after we file your petition, you and your attorney will attend a 341 Meeting of Creditors with your court-appointed Trustee. The Trustee is the administrator of your case. He or she is appointed to represent your creditors. The Trustee will ask you questions regarding your financial affairs and property. This meeting is approximately 15 minutes long and one of our experienced Colorado bankruptcy attorneys will be with you the entire time. You will be given a tips sheet prior to this meeting so you will know exactly what to expect. This meeting IS NOT stressful. The Trustee is simply verifying the information we included in your petition and schedules. The meeting is not a court hearing and there will not be a Judge there!
You will have to complete a post-bankruptcy Financial Management course. You may complete this course online as well. This is a two hour course where you will watch a video, take notes and complete a short questionnaire at the end. A certificate of completion will be filed with the Court.
The last step of your case is near. Approximately 75 days after your 341 Meeting your case will discharge. At this time you are released from the liability of the debts listed on your petition and this prevents creditors from pursuing these debts in the future.
The Gaschler Law Firm offers representation in both chapters of consumer bankruptcy, Chapter 7 & Chapter 13. As experienced Colorado Bankruptcy Attorneys, we can explain the benefits of each chapter and help you to make the best choice for your personal situation. The information on this page is intended to give Denver-area consumers an overview of Chapter 7 Bankruptcy, how it works and what benefits are available for you!!
Chapter 7 Bankruptcy
Break Free from DEBT!
Experienced Representation in Chapter 7 & Chapter 13 Bankruptcy
Call Today 303-825-0197
A Consumer Law Firm Protecting Colorado's Citizens
The Gaschler Law Firm LLC
