The Process of Filing for Bankruptcy in Denver
Before filing bankruptcy, we help you evaluate your options
The first step in the bankruptcy, regardless of type of bankruptcy being filed is to evaluate all of the options and reassess assets and debts. This part of the bankruptcy process can be aided by an attorney and working with an experienced attorney is usually an important part of making the best possible filing decision. An attorney can help during the filing process and is usually available to make sure the entire bankruptcy process goes smoothly. If there are ever problems with a filing or processing of a bankruptcy, an attorney will help with appeals and reevaluating options.
The bankruptcy process begins with filing forms
As with most legal processes, bankruptcy begins with filing forms. When filing forms, an individual is responsible to evaluate their property holdings, debts, income, and ability to repay debts. All these factors are evaluated during the determination faze of a bankruptcy. In the case of a chapter 7 bankruptcy, filing forms detailing an individual’s financial situation is usually a quick process which is followed by a bankruptcy judge’s decision and if approved, the appointment of a trustee. It is the trustee’s job to oversee the rest of the chapter 7 bankruptcy filing process. Although trustees are commonly appointed in other forms of bankruptcy, in chapter 7’s they are an integral component of the process. It will be the trustee who evaluates possessions and get’s them ready for sale. This same trustee oversees the distribution of proceeds and helps to make sure that the entire process goes smoothly and is completed quickly.
Creating a repayment plan
In a Chapter 13 bankruptcy filing, an individual is required to create a repayment plan which will highlight how they can make repayments over a three to five year period within their budget. This plan is of great importance and plays a key role in the next step in the process. In Chapter 13 filings, the filer then needs to appear in a meeting with creditors at the offices of the bankruptcy’s appointed trustee; this meeting is commonly referred to as a 341 meeting with the name referring to the section of bankruptcy law which defines its creation and existence.
The 341 meeting with creditors
In the 341 meeting the creditors agree to repayment terms that allow them to collect as much as possible and their repayment is made subject to the filer’s ability to make payments. The process of meeting with creditors is almost never as stressful as filers assume it will be and in many cases creditors will not even elect to send anyone to the meeting. A confirmation hearing will assure that a repayment plan adheres to the rules of chapter 13, and if the plan does, the repayment plan will be put in place.
If you are in need of a bankruptcy attorney during the planning stage of your bankruptcy filing or if you are still considering all options, we at the Norton Law Offices can help. Contact one of our experienced attorneys to discuss your situation and options today.
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