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 unable to pay debts, 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 unresolved debts. Once the bankruptcy proceedings are complete, you will be relieved of all the obligations that you have incurred before filing bankruptcy.
But although bankruptcy case procedures that are filed in bankruptcy court are regulated by federal law, state laws are more often applied when property rights need to be determined. Hence, if you are going to file in Colorado, a Denver bankruptcy attorney would be most suitable. 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 elimination of assets, and filing under it is the usual form of bankruptcy. A trustee will be elected who will collect your non exempt assets. He will be the one to sell them and assign 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 admit 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, provided that you do it under a plan certified by the court.
But no matter what chapter you file, bankruptcy is always an ordeal, and surviving it means you should have the services of a good Denver bankruptcy attorney.
For more advice on your legal rights call on Denver Bankruptcy Attorney .