A local bankruptcy attorney can help you understand the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy, so that you can make an educated decision about the best next step for you. Fill out the form to the right for a free bankruptcy case evaluation by a local attorney.

Not sure whether bankruptcy is the right option for you? A Local Bankruptcy Attorney can answer your questions and explain the bankruptcy process to you. Schedule your Free, no-obligation consultation call for your free phone consultation from A Local Bankruptcy Attorney right now By filling the form to the right,

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Phase I is where we do the bankruptcy planning. We sit down, look at your income, and any assets that could be paid to creditors. We look at your debts and answer questions like ‘do you want to keep your home, or are you behind on your mortgage? We gather your documents, we draft the petition. At that stage, the time is up to you. Unless you’re being garnished, there is no reason to file immediately. W can take time to plan. Can be as short as a week; we’ve had people choose to go as long as a year. Once your Chapter 7 is filed, 90 days later, you’re debt free.

What happens with your credit and your financial life between the time you file and the time you receive my discharge 90 days later? You’re on hold once you file. You’re protected from your creditors suing you, garnishing your wages, or garnishing your bank account. You’re also not going out and incurring any new debt.

After the discharge is a good time to rebuild your credit, whether you’re looking to buy a car or establish a new credit card, you want to rebuild your credit after bankruptcy because we live in a credit society. You need three lines of credit, which can be a combination of installment loans like a car loan, an unsecured credit card like Visa or MasterCard, and a secured credit card.

I recommend only carrying 30% of the balance on the limit. Anytime you go over 30% of your credit line, it counts against you. Using your card and paying it off also counts against you. The payments are the key. And then there’s the secured credit card, where you make a deposit with the creditor and they give you a credit card with a limit equal to your secured deposit. I recommend using secured cards to buy your groceries — every month pay it off. That will build a payment history too if it’s a good secured credit card (we recommend the book Bounce Back From Bankruptcy as a good tool for selecting the best credit cards after bankruptcy). If you have three lines of credit for two years after your discharge date you can have a credit score in the 700s again.

What does “discharged” mean? Discharged is the bankruptcy term meaning that your debts are gone or wiped away. You never have to repay credit card debts, medical bills or lines of credit. Some debts are not dischargeable even after you file. The most common misconception is student loans. You have to list student loans on your petition, but just because it was listed on your petition doesn’t mean it goes away at the end of the bankruptcy. You will still have student loan debt and you’ll have to repay it. If you have tax debt within the past three years, you have to pay that. Child support and alimony are also not dischargeable. No one can opt out of past due payments or court-ordered restitution, where you’ve been ordered to pay a fine.

Secured debts are the ones that trip people up. Your mortgage in a Chapter 7 bankruptcy is actually discharged, but because it is a secured debt that’s tied to the home, you’re allowed to keep the home as long as you make the payment. It will help you rebuild your credit if you make the payments. One advantage is that in six months, if you lose your job and aren’t able to pay your mortgage, you can walk away and not owe anything because the bank eliminated your obligation to repay that debt.

With a car, the bankruptcy discharges the debt. You’re allowed to keep the car as long as you make the payments. Lose your job or the car breaks down or gets totaled, you can stop paying on the car. The lender will come get the car but you will not owe the balance of the loan. With a Chapter 7, even post discharge, you have that security when it comes to the debt.

Call Colorado bankruptcy attorney Kevin Heupel at 720-319-8900 or visit www.coloradobankruptcyadvice.com to talk about your options.

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Chapter 7 Bankruptcy — Chapter 7 listed under Title 11 of the United States Code refers to the bankruptcy process of liquidation and is an option for both businesses and real persons.

Chapter 7 Bankruptcy (for business) An insolvent business may file (or be forced by the creditors) for chapter 7 under the federal court system. The operations of the business must cease unless continued by the appointed Chapter 7 trustee. The Chapter 7 trustee oversees the sale of the company’s assets. The proceeds from the assets are distributed to the creditors. Collateralized creditors will receive the proceeds of the assets which their loans were backed by. For large companies, entire divisions may be sold to other companies therefore retain some jobs help by employees of the insolvent company.

Chapter 7 Bankruptcy (for individuals) Individuals who reside, own a business or own property in the United States are able to file for Chapter 7 bankruptcy as long as they have not had a bankruptcy case dismissed within the last 180 days. Under Chapter 7 the individual will not be required to sell certain exempt items during liquidation. However, most liens such as mortgages are enforced. Most types of unsecured debt are discharged; however, certain types of debt such as child support, restitution and fines imposed by the courts, student loans, property tax and income tax (less than 3 years old), may be exempt from being discharged.

Chapter 7 stays on an individuals’ credit report for 10 years. Although the Chapter 7 will lower the credit rating of an individual, the reduction in debt increases their credit rating. In the long run individuals actually increase their credit rating after filing Chapter 7.

When filing for Chapter 7 individuals should consider the aspect that the United States Trustee may be able to find his or her filing abusive. The US Trustee may prevail in challenge the Chapter 7 filing if they can show that the debtor could otherwise afford the debt with disposable income in the 5 year time frame that is provided through Chapter 13.

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Chapter 7 Bankruptcy (for individuals) Individuals who reside, own a business or own property in the United States are able to file for Chapter 7 bankruptcy as long as they have not had a bankruptcy case dismissed within the last 180 days. Under Chapter 7 the individual will not be required to sell certain exempt items during liquidation. However, most liens such as mortgages are enforced. Most types of unsecured debt are discharged; however, certain types of debt such as child support, restitution and fines imposed by the courts, student loans, property tax and income tax (less than 3 years old), may be exempt from being discharged.

Chapter 7 stays on an individuals’ credit report for 10 years. Although the Chapter 7 will lower the credit rating of an individual, the reduction in debt increases their credit rating. In the long run individuals actually increase their credit rating after filing Chapter 7.

When filing for Chapter 7 individuals should consider the aspect that the United States Trustee may be able to find his or her filing abusive. The US Trustee may prevail in challenge the Chapter 7 filing if they can show that the debtor could otherwise afford the debt with disposable income in the 5 year time frame that is provided through Chapter 13.

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