If you have any further questions concerning Chapter 7 bankruptcy or would like to schedule an appointment for a consultation with an experienced and professional Denver bankruptcy attorney, don’t hesitate to contact us at anytime via our 24/7 email assistance page.
Chapter 7 Bankruptcy
The process of filing for bankruptcy is not the same for everyone. Different financial circumstances call for different approaches to bankruptcy, which is why there are various bankruptcy options available if you find yourself in an overwhelming amount of debt. For most individuals, these options fall into two categories of bankruptcy: Chapter 7 and Chapter 13.The terms Chapter 7 and Chapter 13 are derived from the sections of the U.S. Bankruptcy Code that they are named for. Thus, there are different laws and stipulations associated with each, rendering each of them suitable for different financial situations. In this article, we’d like to give a quick rundown of what Chapter 7 bankruptcy entails for those of you who are either in the process of or considering filing for bankruptcy.Chapter 7 bankruptcy is the most popular form of bankruptcy in the U.S., and it is commonly referred to as “liquidation” bankruptcy. However, “liquidation” is a misleading term in this context. With Chapter 7 bankruptcy, most assets are exempt from liquidation or sale. Thus, Chapter 7 bankruptcy provides a fast fresh start for individuals who have minimal assets and significant debt. Generally speaking, Chapter 7 takes three or four months for the entire process to be completed. Relief from your creditors, however, occurs at the start right when your case is filed. Our website has a page with a full discussion of Chapter 7 relief here.