Bankruptcy Basic Information

About Bankruptcy in General

Bankruptcy can help persons get out of debt and start over financially. Bankruptcy can provide the following help: eliminating credit card debt, eliminating medical bills, stopping forclosure, stopping evictions, stopping pay check garnishments, and ending abusive creditor harassment.

Your lawyer will file the bankruptcy documents (called the “Petition”) with the Court in Denver. Once the case is filed, all collection activities such as lawsuits, garnishments, and foreclosures are immediately stopped. Your creditors are sent notice of your bankruptcy and a court hearing is scheduled for your case.

About one month after your case is filed, you will appear at the Bankruptcy Court for a hearing. Your lawyer, Mr. Gauss, will personally attend this meeting with you. Your creditors have the right to attend this meeting and question you regarding your finances. This rarely happens but if it does your lawyer will be there to help you. The government also appoints a trustee to review your case. He or she will swear you in and ask you to affirm under oath that you are telling the truth regarding your income, expenses, property and debts.

After your Court hearing, your creditors and the trustee are given 60 days to object to your bankruptcy. This rarely happens and your lawyer will review your case for common problems before you file. Once the 60 day period expires, you will receive a chapter 7 “discharge,” meaning your case is concluded and your debts are permanently erased (except for debts related to property you decide to keep such as a home loan and except for non-dischargeable debts such as most taxes).

If you are in a Chapter 13 case, your lawyer will negotiate over your chapter 13 plan with the creditors and the trustee, and take steps necessary to get the plan approved by the Bankruptcy Court. Chapter 13 cases are concluded when you finish making the payments called for under the plan to the Court.

Preparation is the key to success in any type of legal matter. We have the bankruptcy experience necessary to prepare your case quickly and get it done right.

 

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