Learn the Bankruptcy Process with Denver Bankruptcy Lawyer Christopher German
A chapter 7 eliminates most types of unsecured debts without having to make monthly plan payments. A chapter 7 provides immediate relief and is the quickest, simplest and easiest bankruptcy chapter to file. A chapter 13 allows a debtor with a regular course of income to keep valuable assets and to re-organize most debt in the form of a three to five year monthly payment plan. Your payment will depend on your income, expenses and the type of debt to be reorganized.
Your first contact with bankruptcy lawyer Christopher German will be a free initial consultation at our Denver, Colorado office whereby we will examine your initial eligibility to file for bankruptcy. We’ll also look at your income and expenses, as well as assets and liabilities, and how your situation applies to bankruptcy laws in Colorado, in order to eventually prepare your petition. We will inform you which property is exempt and, thus, what you can keep.
You’ll be asked to complete a questionnaire, and financial information so that we can best analyze your situation. We will also discuss and review with you any pending foreclosure notice, lawsuits, garnishments or creditor harassment and take advantage of the Automatic Stay rules, which stop collection activity the moment a petition is filed.
Once you provide the financial information, and have completed a credit counseling class (normally online if you have internet access), and have provided a retainer and the court filing fee, we will file your petition. A meeting of creditors (also called a 341 hearing) will be scheduled for 4-5 weeks after filing. With a chapter 13 filing, we will also discuss your monthly plan payment and plan duration.
The meeting of creditors, is typically a short hearing lasting about 10-15 minutes. It is rarely attended by any creditors, and is conducted by a chapter 7 or 13 trustee at the Colorado Bankruptcy Court. After your meeting of creditors, you are required to complete a second course, referred to as a Debt Education course, AND you must provide our office with a certificate of completion within 45 days after your meeting of creditors.
Creditors or the U.S. Trustee in chapter 7 typically have 60 days from the date of the meeting of creditors to object to discharge. In the absence of an objection to discharge in a chapter 7, the Court will issue a discharge order.
In chapter 13 cases, an objection to the plan is required to be filed three court days prior to the 341 hearing. It is very common for the chapter 13 trustee or a secured creditor to object to the first plan payment. The terms of an amended plan and any objections will be discussed with you before the meeting of creditors.
Regardless of whether the original chapter 13 plan remains intact or an amended plan is filed there is a second hearing, referred to as a Confirmation Hearing, with the chapter 13 trustee before a bankruptcy judge in Denver to determine whether a confirmable chapter 13 plan (repayment plan) exists. The plan may either be confirmed on the spot or the judge may order an amendment to the plan. Assuming the plan is confirmed, you will make regular monthly plan payments for the duration of the plans term. Once you complete the payment plan the discharge order enters.
The Law Office of Christopher German will guide you through the seemingly endless and confusing bankruptcy process under the bankruptcy laws in Colorado.