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Bankruptcy law is a difficult topic to understand.
Most Jefferson County residents are unaware of what filing for bankruptcy in Colorado involves. Moreover, many people who do know what bankruptcy is have a negative view of it.
Chances are if you’ve found our little corner of the internet, you’re
A) A resident of Lakewood, CO, or the surrounding area
B) Deep in debt
c) Trying to figure out if Chapter 7 bankruptcy is the right choice for you
or
D) All of the above
The truth is, bankruptcy exists to give people deep in debt, people just like you, a fresh financial start. Chapter 7 bankruptcy can provide a new beginning, and end ongoing stress from financial troubles.
When handled by highly experienced Lakewood bankruptcy lawyers, your Chapter 7 bankruptcy process will seem fast and easy. We represent our clients with passion and zeal and we aggressively work to get you the relief you deserve. Contact our Jefferson County debt relief firm for a free case evaluation and find out if Chapter 7 bankruptcy will work for you or if other debt-relief options will radically change your financial situation and put you back in control.
We have found that during Chapter 7 bankruptcy cases the average person is bound to hear several words they are unfamiliar with. One of the goals of our Lakewood bankruptcy attorneys is to make sure every client understands every part of the bankruptcy process. To that end, we have provided the following list of some of the most common terms you’ll likely see or hear if you file for Chapter 7 bankruptcy in Colorado:
341(c) Meeting- You may also hear this referred to as a meeting of creditors. The 341(c) meeting is generally the first (and only) time a debtor has to appear in bankruptcy court. At this meeting, the debtor (or their attorney, if one is attending in the debtor’s stead) is questioned under oath by creditors and a court-appointed trustee about his/her financial affairs.
Asset- An asset is anything of value that you own, including your home or other property, cars or other vehicles, bank accounts, furniture, jewelry, cash, stocks, or collectibles.
Automatic Stay- The automatic stay in bankruptcy is a temporary federal injunction that immediately stops most collection efforts by creditors, collection agencies, and government entities against debtors and their property. As soon as you file a bankruptcy petition, the automatic stay will suspend a variety of collection activities against you while you rehabilitate your finances or reorganize your debts.
Discharge- This is what you are seeking when you file for bankruptcy. This discharge order, given by the bankruptcy court, relieves you (the debtor) from all obligations to repay the debts that have been discharged by the court.
Exemptions- Exemptions allow you to keep a certain amount of assets safe in bankruptcy, such as a car, your home, or any professional tools you use for trade. Although Bankruptcy is a federal law, every state has different exemption limits. Some examples of Colorado state bankruptcy exemptions include:
Means Test– The means test is the method used to verify whether petitioners seeking debt relief via Chapter 7 bankruptcy qualify to file. To be more specific, the means test is a formula based on the median income in Colorado and it’s used to determine whether or not you have funds available for debt repayment. The calculations can be complicated to complete, so the help of an experienced Lakewood Chapter 7 bankruptcy attorney is suggested.
Schedules- Bankruptcy schedules are the documents submitted to the court that include all relevant personal and financial information of the person filing. These forms may be submitted online or at the Federal Bankruptcy Court- District of Colorado, which is located in Denver.
Secure Debt- Secured debt is debt that is tied to or secured by an asset, such as a mortgage. It is security in case debt is not paid back. If the borrower cannot repay the loan or misses payments, the lender may seize and sell the collateral.
Trustee- In a bankruptcy case, one of the key people is a person appointed by the court known as a “trustee.” The trustee must manage the bankruptcy process and distribute the property of the person in bankruptcy. Additionally, the trustee must monitor the actions of the bankruptcy parties and make sure the process is run in compliance with applicable laws and the bankruptcy plan.
Unsecured Debt- Refers to credit given to a borrower with no collateral. Chapter 7 bankruptcy will eliminate most, but not all unsecured debts. Unsecured debts can include
This is just a brief list of words that you’ll hear during your Chapter 7 bankruptcy case. If, at any time during your bankruptcy case you hear a word you’re unfamiliar with, make sure you let your Lakewood bankruptcy lawyer know. We want you to understand exactly what’s happening, every step of the way.
Bankruptcy law is complex. Many times, without expert help, bankruptcy cases can quickly go off track and lead to many problems, delays, and even lost property or the failure to get the relief you seek. Our Lakewood Chapter 7 bankruptcy lawyers have filed and handled hundreds of bankruptcy cases in Jefferson County and we have the experience and knowledge necessary to guide you through the process and get you the relief you deserve.
Our firm of legal professionals specializes in Chapter 7 and Chapter 13 Bankruptcy. There are significant differences between the two processes, so we’ll help you decide the best course of action for your specific situation. We know the consequences and outcomes of both, so we can help guide you in the right direction. Don’t live the rest of your life buried in debt, contact our Lakewood Chapter 7 bankruptcy attorneys today to set up a free case consultation.