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Colorado Bankruptcy Information For a Free
Consultation with an experienced bankruptcy attorney, Steps in the Personal Bankruptcy Process 1. Initial consultation: meet with a bankruptcy attorney or credit counselor for a free initial consultation. 2. Decide if bankruptcy is the right solution for you. Learn about exempt assets and the differences between Chapter 7 and Chapter 13 bankruptcy. See list of Colorado exempt property that you can keep in a bankruptcy. 3. Attend required financial counseling within 180 days before filing bankruptcy. See list for approved credit counselors in Colorado. 4. Decide if you want to hire the first attorney or consult with another attorney. Compare fees, services, focus, credentials and experience. Legal and court costs may be about $2,000 or more. (See the free consultation offer from LegalZoom above.) 5. Decide if you have sufficient time and knowledge to represent yourself (pro se) and file your own bankruptcy. Read books, websites, laws, legal forms and court brochures. Read Colorado bankruptcy counseling warning. Read Federal Bankruptcy Notice. View Bankruptcy Basics videos on US Courts website. View Chapter 7 Bankruptcy forms packet. View Chapter 13 Bankruptcy forms packet. View Bankruptcy Basics Booklet. View US Bankruptcy Court - District of Colorado website. 6. Direct creditors to your attorney. Once you become a client, your attorney may begin taking calls from your creditors. 7. Decide on Chapter 7 or Chapter 13 bankruptcy: Your attorney will analyze your income and debts to decide which type of bankruptcy is best for you. (With "means testing" if you can pay $1,000 each month from your adjusted income to unsecured creditors, you may not qualify for Chapter 7 and will have to use Chapter 13.) 8. Prepare Bankruptcy Petition: Your attorney can help you prepare your petition accurately. 9. Review Bankruptcy Petition: Review the petition with your attorney, make sure you understand all terms and conditions. 10. File Bankruptcy Petition: Your attorney will file your petition in accordance with bankruptcy law. 11. Section 341 Meeting: Your attorney will assist you at a meeting of creditors, and represent your best interests. 12. Reaffirmation agreements: Your attorney will help you decide if a reaffirmation agreement is in your best interests and, if necessary, assist you in negotiating one with your creditor. 13. Trustee requests: Your attorney will help you respond to all trustee requests and make sure your rights are protected. 14. Chapter 7: Your non-exempt assets will be liquidated (sold) by the Trustee to pay off debts and you will be discharged of all eligible debts. Entire Chapter 7 process will take about 6 months. 15. Chapter 13: Your attorney will represent you at a confirmation hearing and assist with necessary modifications to your 3-5 year payment plan. 16. Confirmation: Your attorney will make sure your payment plan gets confirmed. 17. Plan adjustments: Once your payment plan has been confirmed, adjustments can be made if necessary. Your attorney will represent you for the life of your plan. 18. Complete required financial education course with approved course provider. 19. Get a Discharge: Upon plan completion, and required financial education, you will be officially discharged of all debts. 20. Bankruptcy information will appear on your credit report for up to 10 years from the filing date. Beware of Bankruptcy Crimes If you are convicted of a bankruptcy crime, you may face 5 or more years in prison and a $250,000 fine. Perjury : lying under oath or on a written court documentMaking false statements on a loan application: If the false statement was an accident, your attorney may seek to dismiss the charge. Asset concealment: hiding assets in order to qualify for bankruptcy. Fraudulent conveyance: transferring assets to other parties to defraud creditors. Continuing crimes: Fraud that is ongoing for some time is considered a continuing crime and carries more severe penalties. Disclaimer: This information is for educational
purposes only. None of this information is to be considered or used as
legal advice. For legal advice, contact an experienced lawyer. |
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