Bankruptcy Filling

Documents needed prior to filing a Chapter 7 or 13:

• All financial records. This includes:

• Most recent bank statements

• Most recent bills from every creditor

• Most recent payment coupons for vehicles (lease or purchase), real estate, and student loans

• Bills or invoices for purchases in the last year

• Receipts

• Past 6 months of pay stubs

• Files from previous litigation, including especially any judgments that have been entered against you

• Files from previous attorneys

• Any divorce decree or other court order that requires you to pay child support or maintenance

• Canceled Checks for any expense you cannot otherwise document

• ALL your correspondence with or regarding creditors, especially threat letter

• ALL insurance policies

• Tax returns for the last three years

• Vehicle titles

• Your lease or mortgage

• Any promissory notes you have signed

• Other documents relating to debts you owe other people

• Any proof that anyone owes you money

• Any lawsuits with which you have been served

FILING

CHAPTER 7 Petition

• Always remember that filing bankruptcy in an appropriate court simply means that your case has formally commenced.

• As soon as you file your petition, the court will enter an automatic stay order.

• Within the 30-day period of automatic stay, your creditors will not be able to take any collection or legal action against you. Any harassing collections calls during this period will be considered as unlawful.

• After that, a notice will be sent to all the creditors that were mentioned in your petition informing them that you have filed for chapter 7 bankruptcy.

• The court will appoint a trustee who will review your petition and oversee your specific case.

• You are required to attend the Rule 341 Creditor’s Meeting.

• Provided there are no creditor or US Trustee objections…the debts will be discharged.

CHAPTER 13 Petition

• A Chapter 13 bankruptcy lasts either 3 or 5 years, depending on whether the petitioner's income is lower or higher than the state median.

• The bankruptcy case begins with the filing of the bankruptcy petition, which includes all information about the petitioner's assets, income and expenditures, executory contracts, and creditors.

• A payment plan, which specifies how the petitioner will pay creditors during the bankruptcy, must be submitted by 15 days after the filing date, but is usually included in the petition.

• The petitioner must start making payments to the trustee assigned to the case and to secured creditors and to lessors of personal property within 30 days of the filing date.

• Within 60 days of the filing date, the petitioner must supply evidence to lessors and secured creditors that their property is covered by insurance.

• Before the meeting of the creditors, the petitioner must file all tax returns that were due within 4 years prior to the filing date.

• The petitioner must attend the Rule 341 Creditor’s Meeting, which will take place between 20 and 50 days after the filing date, where the petitioner will be interviewed under oath by the trustee and any present creditors.

• The petitioner must attend the confirmation hearing, which must be scheduled between 20 and 45 days after the creditors' meeting, unless the court extends the time. If the plan meets statutory requirements and is feasible, then the court must confirm the plan.

• After making all payments required by the confirmed plan, then the petitioner will receive a discharge of his debts.

  • If the petitioner is unable to complete the plan, then he may receive a hardship discharge if the failure was not the fault of the petitioner and modification of the plan is not practicable, and the creditors have been paid at least as much as they would have gotten under a Chapter 7 liquidation.

  • A discharge can be granted sooner than the 3 or 5 years required by the plan if all creditors have been paid 100% of their debt.

The Colorado Bankruptcy Center is here to protect you and your future. Contact Us when you are ready for your FRESH START.