Chapter 7 Bankruptcy Law
In Chapter 7 Bankruptcy, you turnover to the trustee non-exempt property such as tax refunds and, in return, your debt is discharged. Non-exempt property is property that is not protected from creditors. Most property is protected from creditors; for example, a home, a car, clothing, furniture, tools of trade, retirement funds, etc. We review your listing of property to identify what may be lost to the trustee; for example, cash, if from wages, is 25% non-exempt; and tax refunds are 100% non-exempt. Beyond those items, non-exempt property includes luxury items, such as investments, recreational vehicles, and timeshares. These items would be turned over to the trustee and sold to repay the debts incurred.
You will appear at a meeting of creditors, with one of the attorneys from George T. Carlson & Associates, at which the trustee will ask questions to ascertain whether you have non-exempt assets. Your creditors may also appear and ask questions.
In a Chapter 7 bankruptcy, all debt is discharged, except most taxes, student loans, debts arising out of divorce, and debts arising out of criminal proceedings. Creditors have a brief opportunity to challenge the discharge of debts under limited circumstances, such as when the debt was incurred through fraud, accidents involving drugs or alcohol, or other malfeasance.
Under current law, the trustee scrutinizes Chapter 7 cases to determine if you have disposable income and to try and force you into Chapter 13. The calculation of disposable income is a technical process, requiring a high degree of knowledge and experience. Our attorneys and professional staff often have been able to help clients with high income file Chapter 7 bankruptcies.
Denver metro area Chapter 7 bankruptcy attorneys, at the law firm of George T. Carlson and Associates, have more than 40 years experience helping clients file for Chapter 7 bankruptcy. With our vast experience in bankruptcy we understand the intricate rules and regulations that apply to Chapters 7 & 13 bankruptcy. We provide efficient methods of resolving our clients’ cases.
Contact a Denver, Colorado Bankruptcy Lawyer Today
If you are seeking legal representation or would like more information about our legal services, contact our office today for a free consultation with an attorney. You can reach an experienced attorney at 303-789-1313 or by contacting us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
