Chapter 7 Denver Bankruptcy Lawyer Christopher German
Many people thinking of filing bankruptcy want to know “What is the process of a Chapter 7 Bankruptcy?” A Chapter 7 bankruptcy is the most common bankruptcy chapter filed in America. “Chapter 7” commonly known as “liquidation bankruptcy”, refers to the chapter of the Bankruptcy Code under Title 11 of the United States Code. A Chapter 7 bankruptcy rarely involves the sale of a debtor’s assets by a trustee. In the case where assets are obtained and then sold through a bankruptcy trustee the funds are then turned over to creditors such as the IRS.
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When filing for Chapter 7 bankruptcy, it involves the completion of lots of complex documents. These documents are available as a packet from the bankruptcy court office. These documents include the voluntary petition for relief, the schedules of assets and liabilities, declarations regarding debtor education, the statement of financial affairs and a list of your debts. These documents require a debtor to open up their financial life to the bankruptcy court, which includes listing of all of his property, debts, creditors, income, expenses and property transfers, among other things.
Upon the completion of all of the bankruptcy documents, a debtor must then file these documents with the clerk of the bankruptcy court and pay the filing fee.
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A debtor must also complete the means test calculation, which is one the more important and complex of all the documents that must be completed to file for bankruptcy. Added to the Bankruptcy Code in 2005, the means test document calculates whether you are able to pay, or have the “”means”” to pay your debt. The means test calculates your income over the six months prior to filing your case and compares it with the median income of where you live. If the means test results with your ability to pay your debt, you will only be file a Chapter 7 bankruptcy under very specialized exceptions or file a Chapter 13 bankruptcy.
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The term discharge, actually represents the order from the court “Order of Discharge” that legally releases you from your debt. If there are objections to the debtor’s discharge, the bankruptcy court will give the debtor an opportunity to be heard and if there are no further objections, automatically give the debtor a discharge at some point after the last day to object.
The last day to file a complaint objecting to a debtor’s discharge is 60 days after the first Meeting of Creditors. If no complaint is filed, the discharge is usually entered several days later. The discharge prevents creditors from attempting to collect any debt against the debtor.
However, it is important to note that not all debts are dischargeable, including, but not limited to certain taxes and child or spousal support obligations. It must also be mentioned that a creditor can still collect on a discharged debt from a co-debtor that did not file for bankruptcy.