Denver Bankruptcy Attorney: Surviving the Trial
By: CorvinaBeaulont | Posted: 22nd November 2010
If you are going to file for bankruptcy, especially under chapters 7 and 13, contact a Denver bankruptcy attorney who specializes in such filings. When you are bankrupt, it means that you, as a debtor, no longer have the ability to repay your outstanding debts.
The court proceedings start with a petition that will be filed by you. It can also be filed in behalf of creditors, but this is a less common form of petition. Your entire assets will be assessed and used to pay back some of your unpaid debts. Once the bankruptcy proceedings are complete, you will be discharged of all the obligations that you have incurred before filing bankruptcy.
But although bankruptcy case procedures that are filed in bankruptcy court are controlled by federal law, state laws are more often applied when property rights desire to be determined. Hence, if you are going to file in Colorado, a Denver bankruptcy attorney would be most advisable. There is a firm in the city that specializes in Chapter 7 and Chapter 13 filing, and you can have your consultation for free.
Chapter 7 of the United States Bankruptcy Code involves the liquidation of assets, and filing under it is the usual form of bankruptcy. A trustee will be delegated who will collect your non exempt assets. He will be the one to sell them and distribute whatever profit is gained to your creditors. But since you are allowed to keep your vital properties by the state, filing under Chapter 7 would be a no asset case, and would allow you to keep all your properties.
Filing under Chapter 13, on the other hand, would allow you to rearrange your finances under the supervision of a Federal Bankruptcy Court. It could allow you to rehabilitate, contingent that you do it under a plan certified by the court.
But no matter what chapter you file, bankruptcy is always an ordeal, and enduring it means you should have the services of a good Denver bankruptcy attorney.
For more facts on your legal rights visit Denver Bankruptcy Attorney .This article is copyright
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Tags: filing bankruptcy, creditors, debtor, ordeal, chapter 13, trustee, petition, state laws, liquidation, outstanding debts, unpaid debts, chapter 7, court proceedings, exempt assets, bankruptcy proceedings, bankruptcy case, bankruptcy attorney