Speak With Denver Bankruptcy Lawyers Wink & Wink Today to Begin Getting Financial Relief
When you’re in need of financial relief because of overwhelming debt, you want that relief as soon as possible.
Chapter 7 bankruptcy is the most common form of bankruptcy and typically takes the shortest time to complete.
In a Chapter 7 bankruptcy, your personal liability on most types of unsecured debt is wiped out (i.e,. discharged). This includes credit card debt, medical debt, and more.
Most Chapter 7 bankruptcy cases take about four to six months until debts are discharged. Certain issues, such as creditors objecting to certain debts being discharged (ex., fraud), it may take longer to get a discharge. And regardless of when discharge enters, it will take longer until your case is actually closed. The closed date is different than the date your debts are discharged.
Here’s the timeline for people filing for Chapter 7 bankruptcy.
1) Initial Consultation With a Bankruptcy Attorney
First, you’ll meet with a bankruptcy attorney to discuss your financial situation. This meeting shouldn’t take very long, maybe half-hour to an hour or so. With Denver bankruptcy attorneys Wink & Wink, this initial consultation is completely free.
2) Hire the Services of the Bankruptcy Law Firm and Make Initial Payments
When you’re ready, sign the contract and retain the services of the bankruptcy law firm. You’ll then be asked to make payments for the lawyer’s services.
At this time, you can also pay the court filing fee for your bankruptcy case or wait until the case is filed. The first payment must be paid within 15 days of your case being filed. Any remaining payments must be completed within 120 days after filing your case. Because your case can get dismissed if you don’t pay the filing fee on time, it is best to pay it when your case is filed. Many attorneys such as Wink & Wink will pay the filing fee out of what you pay them.
3) Complete Paperwork
Filing for bankruptcy will require you to gather certain documents, such as financial records and forms. You’ll then turn these into your lawyer along with any attorney payment due before filing. Unsurprisingly, you can speed up your case greatly by having thorough and complete paperwork. If you’re already considering filing for bankruptcy, it’s not a bad idea to get started collecting your documents.
Once your paperwork has been turned in to the bankruptcy law firm, the attorney will begin examining your documents, preparing the paperwork to be filed in your bankruptcy, and following up with any questions or needs for clarification or additional information.
4) Complete Your Credit Counseling Course
The Bankruptcy court requires you to complete a credit counseling course before you file for bankruptcy. Luckily, this course can be done online and takes about 60 to 90 minutes to complete.
5) File for Bankruptcy
Soon after you’ve turned in your paperwork and the Colorado bankruptcy attorney has completed the documents to be filed in your case, it’s now time for you to sign the forms. It is best to review them with an attorney before filing to make sure you understand everything and that the information being disclosed is accurate. Next, the bankruptcy law firm will file your case with the Bankruptcy court.
6) 341 Meeting of Creditors
About a month after you’ve filed for bankruptcy, you must attend a meeting (sometimes just 5-10 minutes) with a Bankruptcy Trustee to answer the Trustee’s questions. This will not involve a judge. While creditors rarely show up at this meeting, they also have to right to question you at this meeting.
Denver bankruptcy attorneys Wink & Wink will make sure you’re prepared so you can answer any questions with confidence. They’ll also be there to support you and provide any help during the meeting.
7) Bankruptcy Trustee Collects Assets
Soon after the 341 Meeting, the Bankruptcy Trustee may require you to make some payments or take some of your property. While the Trustee takes nothing in most Chapter 7 bankruptcy cases in Colorado, the Trustee will move quickly and aggressively to take any unprotected property you may have.
Good bankruptcy attorneys will work to help you keep as many of your assets as possible. Wink & Wink will be advising you on this throughout and will definitely review this with you prior to filing your case, so that you know what to expect if you have unprotected property.
8) Complete a Debtor Education Course
You’ll have up to 45 days after the 341 Meeting to complete a financial management course required by the Bankruptcy court. Like the credit counseling course, it can be done online and completed in about 90 minutes.
9) Debts Are Now Discharged
Once you’ve paid all your court filing fees, completed the debtor education course, and at least 60 days have passed since the 341 Meeting, the debts that can be discharged in your case will now be discharged.
Speak with a trusted Colorado bankruptcy law firm, such as Denver-based Wink & Wink, to learn which of your debts can be discharged when you file for Chapter 7 bankruptcy.
10) Case Closed!
Once the Bankruptcy Trustee has completed collecting any assets from you and distributed the proceeds to your creditors, your case will now be considered closed. If the Trustee doesn’t take assets from you, your case will tend to close within 30 to 60 days of your discharge.
Contact a Colorado Bankruptcy Attorney Near You
The sooner you get started on your bankruptcy case, the sooner you can get back on your financial feet. Call Denver bankruptcy law firm Wink & Wink at 303-410-1720 or contact us online now to get this much-needed help.