What is Chapter 7 Bankruptcy in Aurora, Centennial and Littleton?
In Littleton, Aurora, Centennial and across Colorado, a Chapter 7 Bankruptcy is commonly known as a liquidation bankruptcy. A consumer or business files a petition with the United States Bankruptcy Court. That petition states that you voluntarily admit that you cannot pay your bills and need relief from the burden of accumulated debt. In exchange for relief from the unpaid debt, you agree to give up property that is not “exempt.” In other words, the bankruptcy trustee assigned to your Chapter 7 bankruptcy case cancels most or all of your debt / liquidates nonexempt property to pay creditors.
Many people are able to retain most of their property after they file.
Initially, this sounds very undesirable, but with the help of an experienced bankruptcy lawyer many people are able to retain most of their property. In fact some people do not have to surrender any of their property because it is all exempt. Having an experienced Aurora, Littleton and Centennial Chapter 7 bankruptcy attorney by your side is vital for your financial freedom.
Aurora Chapter 7 Bankruptcy: Should I File Denver, Aurora or Littleton Chapter 7 Bankruptcy?
Denver, Aurora or Littleton Chapter 7 bankruptcy is not for you if you wanted to file bankruptcy to catch up with mortgage payments on a home or an automobile loan. Since Chapter 7 is commonly known as the liquidation type of bankruptcy, you could be required to hand over that property to creditors. In that case, Chapter 13 is a better option because it would “reorganize” those types of payments but still give you the protection and financial relief of filing for bankruptcy.
When Can I File a Littleton Chapter 7 Bankruptcy Again?
Depending on which chapter you filed under in Littleton, there are certain time frames for when you can file a Chapter 7 bankruptcy again. If you previously filed a Chapter 13 bankruptcy and received a bankruptcy discharge, you must wait until 6 years have passed to file a Chapter 7 bankruptcy. If you previously filed a Chapter 7 bankruptcy and received a bankruptcy discharge, you must wait 8 years to file another Chapter 7 bankruptcy.
Watch this Video for an Overview of Chapter 7 Bankruptcy
Why Do I Need a Chapter 7 Bankruptcy Lawyer in Aurora, Centennial and Littleton?
The Colorado Bankruptcy Court “highly recommends hiring a competent bankruptcy attorney.“ Barry Arrington is an experienced Aurora, Littleton, and Centennial chapter 7 bankruptcy attorney who fully understands the complicated process of the Colorado Bankruptcy Court. He has partnered with people who seek a fresh start and relief from creditors and debt collectors who don’t follow the law. He knows you deserved to protect your hard-earned assets and your way of life. As a knowledgeable Aurora, Denver and Centennial chapter 7 bankruptcy lawyer, Barry Arrington will fight hard to maximize the relief bankruptcy can bring to your life.