We are always available when you make the decision to declare bankruptcy for individuals and businesses. Begin saving money and assets by halting wage garnishments and foreclosures.
Chapter 7 is the liquidation chapter of the Bankruptcy Code.
Chapter 7 is also referred to as "straight bankruptcy" or "liquidation" cases, which may be filed by an individual, a corporation, or a partnership.
A trustee is appointed to collect and sell all property that is not mortgaged or exempt, the proceeds of which will be used to pay creditors.
For individuals, the debtor is allowed to claim certain property as exempt pursuant to federal bankruptcy law and Colorado law.
Individual debtor receive a discharge, means the debtor is not responsible for certain types of debts. Corporations and partnerships do not receive discharges in Chapter 7.
Other Chapters require the confirmation of a plan of reorganization or liquidation. Without an attorney it is extremely difficult to obtain the necessary confirmation of a plan.
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