Then, depending on the type of bankruptcy filed, it allows you to make
decisions about what property you can afford to keep, what property you want to
give up, what secured debts you will continue to service, and how you will
structure your ongoing financial life. It will also generally discharge
most of your unsecured debts to bring your budget into better
balance. As a general rule, in order to keep secured property,
such as your house, you will still have to be able to make your monthly payments for it.
No. Your civil status has no bearing on filing bankruptcy.
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Yes, you generally must file in the district where you
have lived for the greater part of the last 180 days.
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Yes.
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Yes. In Colorado, there are exemptions that protect your equity in your
property, that is the amount not covered by a lien or security interest, such
as:
- Homestead Exemption
- $60,000.00; $90,000 if you are over 60 or disabled.
- Automobile - $5,000.00 per person filing.
- Automobile, if you are over 60 or disabled - $10,000, per
person filing.
- Household Goods - Single $3,000; Couple $6,000
- Jewelry - $2,000.00 per person filing.
- Tools of trade, inventory - $20,000.00
- Qualified Retirement accounts - fully
protected
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Yes, you will attend, with your attorney, a meeting
with the Trustee appointed to handle your case at which creditors can
appear. In most cases the meeting is simple and short and few, if any,
creditors attend.
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When the Petition is filed with the Court. A
"stay" order is then immediately in effect stopping all creditor
activity against you and your property. Of course, you will continue to
pay certain important bills with the advice of your attorney.
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The court will notify your creditors within about ten days of
filing.
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Usually, if you are considering bankruptcy, your credit
report is already in trouble. According to the Fair Credit
Reporting Act, the fact that you filed a Chapter 7 or Chapter 13 will go on your
credit record, and may remain there for up to 10 years, although some local
agencies remove the reports somewhat sooner.
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This depends on the type of bankruptcy filed, the nature
and value of the property, and the extent to which the property secures a loan
by a creditor. The earlier that we can address these concerns, the better
our chances of accommodating your desires. We generally hope to have your
exemptions protect all of your unsecured property and work out what secured
property you wish to keep and can afford.
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Then the debt, if any remains, becomes an "unsecured
debt" which is generally dischargeable in your case. This usually
means that you can choose between continuing to pay for goods and keeping
them, or returning them and no longer owing the debt.
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Unless you owe money to your employer, it will not receive
a notice of your case. Further, it is illegal for an employer to
discriminate against you for exercising your federal right to file bankruptcy.
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Yes, the law requires so.
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Yes, and this often occurs, especially when one spouse
has substantial debt from before the marriage. However, if the two of you are
jointly liable on a debt, the non-filing spouse will continue to be responsible
for that debt.
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These are required to stop upon the bankruptcy filing,
unless you give permission to continue.
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The creditor will be notified of the filing and the
garnishment will be stopped within a short time after your petition has been
filed.
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PLEASE FEEL FREE TO CONTACT US FOR
FURTHER EXPLANATION OR INFORMATION REGARDING THE SPECIFICS OF YOUR
SITUATION.
