Making Chapter 7 Bankruptcy Law Work for You
Chapter 7 of the federal bankruptcy law provides consumers with the legal means of dealing with overwhelming credit card bills, medical expenses and mortgage payments in arrears. In order to determine if filing a Chapter 7 consumer bankruptcy is the right choice in your case, it is important to conduct a detailed evaluation of the type and amount of your debt as well as an examination of the property and assets that may be vulnerable to liquidation. It is important to consult an attorney with the knowledge and experience to make Colorado bankruptcy exemptions work for you in this case.
At the law firm of Greenwald & Hammond, we help individuals and families in Denver and metro-area communities like Aurora, Greenwood Village, Lakewood and Arvada seek and obtain real debt relief under Chapter 7 bankruptcy law. To discuss your particular situation with an experienced attorney who can answer your questions and offer you knowledgeable guidance, please contact our offices today.
Facts About Chapter 7 Bankruptcy Law
- A Chapter 7 consumer bankruptcy filing stays on your credit record for 10 years.
- You cannot file under Chapter 7 if you have previously filed for bankruptcy within the past 8 years.
- A limited amount of personal property and assets are protected under federal law and Colorado bankruptcy exemptions.
- A Chapter 7 consumer bankruptcy can usually be accomplished during just a few office visits, and in most cases only one court appearance is required (usually about 30 to 40 days after bankruptcy is filed).
- Debts that can be discharged under Chapter 7 bankruptcy law include: credit card debt, bank loans, medical bills, most court judgments, and loan deficiencies on repossessed vehicles.
- Debts that cannot be discharged under Chapter 7 include: certain taxes and IRS liens, child support, student loans, any debts obtained through fraud and any parking tickets or certain other government fines.
- Qualified retirement accounts such as 401Ks or IRAs are protected under Chapter 7.
- If you do not qualify for Chapter 7 or if you have substantial assets that would be liquidated, you may be able to pursue a wage-earners debt reduction plan under Chapter 13.
Contact Greenwald & Hammond Today
To discuss the specifics of Chapter 7 bankruptcy law and how it may offer you a real option in getting out from under crushing debt, please contact a lawyer at our Denver offices today to schedule a free initial consultation.
Please continue reading to learn more about Chapter 7 bankruptcy law.
