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Chapter 7 Bankruptcy in South Metro Denver

Filing for Chapter 7 bankruptcy isn’t always an easy decision for South Metro Denver residents. However, it is often the smartest strategy for you and your family. Benham Law, Inc. represents clients in South Metro Denver filing for both Chapter 7 and Chapter 13 bankruptcy, exclusively. Our legal team can  streamline and simplify a complicated  process and ensure you receive the best possible outcome. Understanding the bankruptcy process can be confusing. We want to make sure you have a basic understanding of what bankruptcy is and how it might affect you both now and in the long run. We’ve compiled a list of the most common questions potential clients ask us.

What is Chapter 7 Bankruptcy?

First things first: Bankruptcy provides a fresh financial start for individuals facing debt they are unable to pay. Federal law guarantees the right to file for bankruptcy, and it even stops your creditors from collecting on their debts.

We represent clients in two forms of bankruptcy – Chapter 7 and 13. The two are very different. Chapter 7 bankruptcy is referred to as liquidation bankruptcy, and it can use some personal property to pay off your debt. Often times, however,  you do not have proper assets to pay your debt and the debt, is simply discharge without any payment towards it. It can be the best option for individuals with insufficient income and assets to pay their debt.

How Do You File for Chapter 7 Bankruptcy?

First of all, you must pass the means test to file for Chapter 7 bankruptcy in the State of Colorado. The means test can be very complicated, but our attorneys can quickly analyze your financial situation and determine if you qualify for chapter 7. Filing for bankruptcy can be complicated for people filing without attorneys.  Hiring the Chapter 7 bankruptcy lawyers at Benham Law, Inc. can make the process simple and painless.

How Long Does Chapter 7 Stay on Your Credit Report?

Chapter 7 bankruptcy can remain on your credit report for up to ten years. However, this does not mean obtaining new loans will be impossible.  Our clients are often able to obtain new credit cards, home loans, and other debts almost immediately after filing.  In addition, bankruptcy can improve your debt to income ratio, making new loans possible after you file.  Often times, the credit implications of bankruptcy far outweigh the risks and downsides of not seeking bankruptcy relief and help from Benham Law, Inc.

How Long Does Chapter 7 Bankruptcy Take?

The typical Chapter 7 bankruptcy case moves quickly.  It usually only takes three to four months to complete the process and receive a discharge.  More complicated cases can take longer. In general, people who file bankruptcy with an experienced attorney will get through the process more quickly than someone who attempts to file without representation.

Can You File for Chapter 7 Bankruptcy More Than Once?

Yes. However, the laws surrounding multiple bankruptcy filings are complicated.  The rules depend on the date of prior filing, the chapter filed, the discharge received, etc.  The attorneys at Benham Law, Inc can quickly help determine whether you are eligible to file bankruptcy again after a prior filing.

Do You Surrender Personal Possessions During Bankruptcy?

Sometimes. However, there are a lot of misconceptions regarding Chapter 7 bankruptcy in South Metro Denver. State law provides protections for certain assets, meaning you do not have to turnover certain assets. Many Chapter 7 bankruptcy cases do not result in asset forfeiture. The attorneys at Benham Law, Inc will review all of your assets and determine which are protected under Colorado’s exemption laws.  For instance, cars, homes, and furniture are usually protected assets. Filing bankruptcy without an experienced attorney can result in losing your personal assets without knowing the exemption laws in Colorado.  We will help protect your personal property in bankruptcy.

Contact Benham Law, Inc. for Chapter 7 Bankruptcy

Don’t be afraid to reach out to Benham Law, Inc. if you are feeling overwhelmed with your debt and financial situation. While filing for Chapter 7 bankruptcy can be intimidating, it also provides a tremendous amount of financial freedom.  Contact Benham Law, Inc. today to start the Chapter 7 bankruptcy process.