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      (719) 201-4527
      (DENVER METRO 303-730-8819).

    Chapter 7

    A Chapter 7 bankruptcy is the most common type of consumer bankruptcy. The consumer’s debts are discharged so he can make a fresh start. Any assets that are not exempt are liquidated to repay as many debts as possible. A trustee is put in charge of assessing your assets and ensuring that you receive payment for any exemptions.

    –          Major debts are wiped clean

    –          Many assets are protected from liquidation

    –          Payment for all relevant debts stop immediately

    –          Creditors are banned from contacting you

    Debts Not Discharged

    However, not all debts can be discharged under Chapter 7. The bankruptcy laws in Colorado state that some monthly payments must continue to be made. Some examples of these exceptions include:

    –          Child Support

    –          Alimony

    –          Taxes

    –          Student Loans

    –          Fraudulent debts

    Despite these exceptions, the majority of your bills will be cancelled. Major credit card debt and unsecured bills can all be dismissed. If you are unsure of how much of your debt would be forgiven in a Chapter 7 bankruptcy, contact a reliable bankruptcy lawyer.

    Frequent Concerns

    Debtors often worry about the repercussions for the future of their families if they file for bankruptcy.  Frequently asked questions include:

    –          Will I lose my car?

    –          Will I lose my home?

    –          Will I be able to get a credit card?

    A local bankruptcy attorney can help you to assess the situation and determine what the fallout will be for your personal bankruptcy case.

    Reaffirming Your Debt

    You might choose to reaffirm your debt in order to retain certain property, such as a house or a car. In that case, you would voluntarily sign a Reaffirmation Agreement. Keep in mind that such an agreement bars you from bankrupting on that debt within the next six years. Therefore, you must be sure that you wish to continue those payments rather than gain a completely new start.

    Contact the Law Office of Andrew McKenna today for a free consultation about your Chapter 7 bankruptcy.

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    Contact us today at (719) 201-4527, or use our CONTACT PAGE to request your free Telephone Consultation with Andrew F. McKenna, The Bankruptcy Attorney.

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