Denver Bankruptcy FAQ:
How Bankruptcy Works in Denver, Colorado
In most cases, at least once. In the “341 meeting” (a meeting of creditors), a bankruptcy filer will be briefly questioned on the specifics of their filing. There is also an opportunity for creditors to challenge a bankruptcy filing and ask questions at this meeting. Generally, most creditors will not show to your 341 meeting but it is their right to do so if they choose.
Following the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005, debtors need to undergo credit counseling prior to being discharged from bankruptcy. Credit counseling can be helpful in understanding how to manage interest payments as well as budget planning and the prevention of future financial dilemmas.
The length of each bankruptcy case is determined by a multitude of factors, the largest of which is the type of bankruptcy being filed.
Chapter 7 bankruptcies result in a fairly quick discharge and can be completed and often yield discharge in about 4 months following the initial forms being filed.
Chapter 13 bankruptcies can take over 5 years from initial forms being filed to the filer receiving discharge, but the bankruptcy filer does enjoy the protections of bankruptcy from the first day they file until their debts are discharged.
While filling out the first bankruptcy forms, regardless of type of bankruptcy, you will need to know your income, what you own, your debts, your monthly payment, and your ability to repay debts. These are things you should try to figure out before filling out forms, but if you are unable to do so the forms can help organize this information through identification and evaluation of each key element of a bankruptcy filing.
An individual or couple can either visit their local bankruptcy court’s Clerk’s Office to pick up the forms, find and print the forms online from the court’s website, or visit a lawyer to get started. If you are planning to file on your own, after filling out forms you will either drop off or mail them to the local bankruptcy court. If you are using a bankruptcy lawyer, they will usually file the forms for you.