Bankruptcy Basics: Knowing What to Expect When Filing for Bankruptcy

If you have decided to file bankruptcy in order to erase your debts and receive a fresh financial start there are a few things that may be helpful to know. It is good to have a basic understanding of how the process works and how it will affect your situation before contacting bankruptcy lawyers. Some of the things that you will need to know is how the system works and your part in it, what is a judicial officer and how they will determine your bankruptcy case, and how much, if any, involvement you will have in the decision making.

How the System Works

The first thing that you should understand before contacting Colorado bankruptcy lawyers and how these lawyers will be able to assist you is learning how the system works. There are several laws that regulate the bankruptcy rules that regulate your suit. Set up in 1978, the Bankruptcy Code governs all laws on the federal level that governs your bankruptcy case. Federal regulations are in place to govern the rules of every bankruptcy courts and these regulations deal with all debt problems that come into the courts. Your suit will be taken in by the bankruptcy court in your district near you and will be handled by the clerk’s offices and the judge therein.

Judicial Officer

Your Colorado bankruptcy lawyers will be working with the judicial officer to determine the outcome of your bankruptcy claim. The judicial lawyer is the official assigned to the court and holds all the powers of making decisions in regards to bankruptcy cases in the district court of the United States. There are many decisions, which this judicial officer will be able to determine bankruptcy claims including eligibility requirements and whether the suit should be granted or denied. This will be one of the final stages of the suit; most of the work is conducted as administrative processes away from the court.

Debtor’s involvement

Debtors involved in a bankruptcy suit will have limited responsibilities during the process. Your Colorado bankruptcy lawyers will be able to help you realize what requirements you must follow and what else needs to be done to ensure a successful case. You will be required to hand in all required paperwork stating all your debts, your income, your assets, and anything else that the court requests. After the information has been obtained it will be processed and you and your lawyer will be informed of the next steps. Often you will only be required to appear in court to confirm your plan to pay back debts or if there are objections raised during your case. You must also attend a meeting with the creditors to discuss all aspects of the plan.

If you are in need of Colorado bankruptcy lawyers, contact the Law Offices of Christopher A. German, LLC. They can be reached at 303-617-8447.

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