Robinson and Henry

  • Lawyers
  • Q&A
  • Services
  • Insights
  • Contact Us

Elizabeth Domenico

Chapter 7 Bankruptcy Lawyer

Cover picture for bankruptcy attorney discussing chapter 7

Castle Rock Bankruptcy Attorney Elizabeth Cocat
Case Results | Client Reviews | Awards

Chapter 7 Bankruptcy

Answers to 7 Questions About Chapter 7 Bankruptcy in Colorado

Chapter 7 bankruptcy accounts for the majority of bankruptcy filings in Colorado. If you are considering filing for Chapter 7, take a few minutes to review the following questions and answers that will clarify some of the issues involved in this important financial decision.

Get the free Legal guide, “Bankruptcy & Your Debt Free Future.” We answer 28 of our client’s top bankruptcy questions. Learn more!

What are the advantages of filing Chapter 7 bankruptcy?

Chapter 7 bankruptcy was created to give those who are in a seemingly hopeless financial situation a way to make a fresh start. It is considered a debt liquidation. With this filing, you eliminate most of your debts in exchange for giving up non-exempt property. For most people who choose this solution, all or nearly all of their property is usually considered exempt. Chapter 7 can stop repossession of your home or vehicle and even force the return of some property that has been seized. If your utilities have been turned off, they will be restored. If you have an active and ongoing garnishment, it can afford you the relief you need to worry about your everyday living expenses. You also have an opportunity to challenge claims of creditors that you believe are fraudulent. As soon as you file for Chapter 7 bankruptcy, your creditors for dischargeable debts will be ordered to cease all contact with you, which will put an end to any harassment you may have experienced.

What debts are not eliminated in a Chapter 7 bankruptcy in Colorado?

A Chapter 7 bankruptcy does not eliminate debts such as alimony, child support, some tax debts, student loans, court restitution orders, and most debts owed to a governmental agency other than tax debt. Furthermore, if you have used certain property as collateral for a loan, you will lose that property unless you continue to pay the loan. Something else to remember: anyone who has cosigned with you on a loan is liable for your debt.

Please note, that we may be able to handle these debt in a Chapter 13 bankruptcy

Will I be able to own any property after my Chapter 7 bankruptcy?

Since a Chapter 7 bankruptcy is considered a liquidation of assets, many people believe they will not be allowed to own any property. This is not true. You will, of course, be able to keep all property classified as exempt in the bankruptcy. In addition, anything you acquire after a bankruptcy is filed is yours to keep as well. However, there are exceptions. If within 180 days of the granting of your bankruptcy, you receive a property settlement, inheritance, or life insurance benefits, these resources may have to go to your creditors if they are not classified as exempt.

Should I use an attorney for my Chapter 7 bankruptcy?

It is possible to file bankruptcy on your own without the assistance of an attorney. However, a knowledgeable bankruptcy attorney can handle all the filings for you and advise you on issues that can have a profound impact on the property you are allowed to retain, the debt you are able to discharge, and ultimately, help you return to financial health as quickly as possible. All Colorado bankruptcies are handled in Denver at the federal district court. Legal paperwork can be filed by mail, in person or, if working through an attorney, electronically.

How will Chapter 7 bankruptcy impact my credit?

The answer to this question isn’t always clear. The fact that your financial situation is bad enough for you to seek Chapter 7 bankruptcy probably means that you are already in a poor position with your creditors. If this is the case, a bankruptcy won’t make things all that much worse. Your bankruptcy will show up on your credit report for 10 years. Typically you will see an increase in your credit score within two years of the filing of a bankruptcy if you are responsible about managing and proactive about re-establishing your credit. Since you can’t file for Chapter 7 bankruptcy again for either four or eight years, depending on what prior Chapter of bankruptcy you may have filed, this may be an advantage to you in establishing new credit.

To determine your true financial condition, the government requires you to provide certain paperwork including itemized lists of:

  • Your current sources of income
  • All your major financial transactions over the previous two years
  • Your monthly living expenses
  • Your secured and unsecured debts
  • All property you own including all your assets (not just real estate)

In addition you will need to provide copies of your last two years tax returns, deeds to real estate your own, titles to cars you own, and any documents relating to your current loans.

How do I know if I am eligible to file for Chapter 7 bankruptcy?

In Colorado you are eligible to file for Chapter 7 if your average monthly income for the past six months is below the median monthly income for a family of your size in our state. However, despite having an income that qualifies you for Chapter 7, a judge may not allow you to file if it appears that you have enough income to repay a substantial part of your debts under a Chapter 13 bankruptcy.

Chart describing the eligibility for a Colorado bankruptcy base on median income

Contact Your Denver Bankruptcy Attorneys Today!

If you are considering filing for Chapter 7 bankruptcy in Colorado, contact the knowledgeable bankruptcy attorneys at Robinson & Henry in Castle Rock, Colorado. In addition to filing all required forms on your behalf, we will advise you on the best financial strategy for your situation and help you through the complex decisions required so you emerge with the best possible outcome. Call 303-688-0944 today to speak with a lawyer or arrange a no cost, no obligation consultation.

  • Criminal Defense
    • DUI and Marijuana
    • Colorado Dog Bite Law
    • Assault
    • Theft
    • DUI and DWAI
    • Seal Criminal Records
    • Domestic Violence
    • Juvenile Criminal Defense Attorney
    • Prescription Fraud
  • Family Law & Divorce
    • Alimony In Colorado
    • Denver Alimony Attorney
    • Same-Sex Couples
    • Military Divorce
    • Child Support Attorney
    • Post-Divorce Modifications
    • Restraining Orders
    • Contempt Of Court
    • Grandparent Visitation
    • Stepparent Visitation Or Custody
    • Stepparent Adoption
    • Fathers Rights
    • Pre-nuptial Agreements
    • Child Custody Attorney
    • Child Relocation Attorney
  • Tax & IRS Problems
    • Denver Tax Attorney
    • Colorado Springs Tax Attorney
    • Colorado Nonprofit Attorney
    • Offers In Compromise
    • Failure to File Tax Returns
    • IRS Penalty Relief
    • Back Tax Problems
    • Stop IRS Wage Garnishments
    • Dealing with Tax Liens
    • IRS Audit Representation
    • Dealing with fraudulent or Incorrect 1099s
    • Colorado UI Audits
    • IRS Private Debt Collectors
    • Denver Tax Lawyer Discusses IRS Tax Problems
    • Employment Tax Problems
    • Misclassification of Employees
    • Sales Tax Audits & Appeals
  • Landlord & Tenants
    • Tenants
    • Landlords
    • 3x Damages & Security Deposits
    • Landlords and Marijuana
    • Roommate Evictions
    • Residential Evictions
    • Commercial Evictions
  • Colorado Real Estate Lawyers
    • Mechanic’s Lien (contractor)
    • Mechanic’s Lien (homeowners)
    • Real Estate Agent Defense
    • Land Use
    • Commercial Evictions
    • Commercial Real Estate
    • Residential Evictions
    • Residential Real Estate
    • Eminent Domain
    • Property Owner Disputes
    • Neighbors and Boundary Disputes
    • FSBO Lawyer
    • HOA Law (homeowner)
  • Estate Planning & Probate
    • Colorado Springs Estate Planning Attorney
    • Denver Estate Planning Lawyer
    • Probate
    • Denver Probate Lawyer
    • Probate Litigation
    • Last Will and Testament
    • Revocable Trusts
    • Financial Power of Attorney
    • Advanced Directives
    • Medicaid Planning
    • Medical Power of Attorney
  • Bankruptcy & Debt Problems
    • Dealing with Debt (non-bankruptcy options)
    • Chapter 7 Bankruptcy
    • Chapter 13 Bankruptcy
    • Bankruptcy Fees
    • Small Business Bankruptcy
    • Keeping your house during bankruptcy
    • Foreclosure Defense
  • Business Representation
    • Contractor Business Representation and Legal Help
    • Non-Compete Agreements
    • Confidentiality Agreements
    • Start-up Companies
    • Selling a Business
    • Buying a Business
    • Letters of Intent
    • Business Brokers
    • Asset Purchase Agreements
    • Seller Financing
    • Partnership and Shareholder Disputes
    • Domain Name Disputes
    • Colorado Franchises
    • Licensing Law
    • EEOC Complaints
    • Employee Investigations
    • Mechanic’s liens
    • Colorado Anti-Discrimination Act
  • Lawsuits and Disputes
    • Contract Disputes
    • Collections
    • Domain Name Disputes
    • Defending a Lawsuit
    • Business Lawsuits
    • Partnership and Shareholder Disputes
  • Disability & Workers’ Comp
    • Health Insurance Claim Denial
    • Short and Long Term Disability
    • ERISA Disability Appeals
    • Workers’ Compensation
    • Social Security Disability
  • Personal Injury
    • Car Accidents
    • Slip and Falls
    • Dog Bites

Schedule A Free Consultation

(303) 688-0944

Schedule Online

RH Events

Taxes Under Trump in Castle Rock

Taxes Under Trump: Opportunites & Enforcments ON AUGUST 2nd AT 12:00 PM Castle Rock Chamber Of Commerce 420 Jerry St,…

Read More Events

RH White Papers

  • Top 10 Mistakes Made by Buyers When Purchasing a Business

Blog | Privacy Policy | Sitemap | Terms & Conditions | Copyright © Robinson & Henry P.C.

Articles

  • February Colorado Connection – Available online
  • Attorney James Garts Presented with Patriot Award
  • Joe Brown Awarded Top 40 Under 40 Family Law Attorney in Colorado, 2018
  • Injured on the Ski Hill? Here’s What You Need to Know.
  • DACA Update: USCIS Accepting DACA Renewal Applications

Videos

  • Eviction attorney Don Eby interviewed by 9News
  • Bankruptcy lawyer Liz Cocat appears on Channel 2 News

News

  • Attorney James Garts Presented with Patriot Award
  • Robinson & Henry Named a Denver Business Journal “Fast 50” Company for 2017
  • Don Eby Talks Colorado Real Estate Contracts on Money Talk Radio
  • Grand Opening of Colorado Springs Office
  • Choosing the Right Attorney

Denver Office

Robinson & Henry, P.C.

7535 East Hampden Avenue, Ste. 250

Denver, CO 80231

(303) 338-2365

Mondays to Thursday 7:00 a.m. to 7:00 p.m.
Friday: 7:00 a.m. to 5:30 p.m.

URL of Map

Colorado Springs Office

Robinson & Henry, P.C.

1975 Research Parkway, Suite 100

Colorado Springs, CO 80920

(719) 632-1919

Mondays to Thursday 7:00 a.m. to 7:00 p.m.
Friday: 7:00 a.m. to 5:30 p.m.

URL of Map

Castle Rock Office

Robinson & Henry, P.C.

900 Castleton Rd., Ste. 200

Castle Rock, CO 80109-3307

(303) 688-0944

Mondays to Thursday 7:00 a.m. to 7:00 p.m.
Friday: 7:00 a.m. to 5:30 p.m.

URL of Map