Overcome debt and know the role of the trustee in Chapter 7 bankruptcy case.
It is normal to experience some form of financial problem at some point. Money is necessary for anyone to do everyday tasks, and we run short of it sometimes. In some cases, however, you could accumulate a ton of debt in credit cards, student loans, and hospital bills, significantly affecting your capacity to live an ordinary life. That is when filing bankruptcy may become an option, and it is crucial to know the Chapter 7 bankruptcy trustee role before submitting paperwork.
Some other significant changes in your circumstances can also lead to sudden financial trouble. Chapter 7 bankruptcy filing can help erase most of your debt and get you back on your feet in only a few months. Learning the role of the bankruptcy trustee in Chapter 7 is a necessary duty of the debtor during the process. This is where a Colorado bankruptcy attorney comes in, who can explain that to you and more.
If you need legal advice from a skilled Broomfield, CO bankruptcy lawyer, contact the Law Office of Clark Daniel Dray immediately! With over a decade of experience in bankruptcy law and other areas of practice, Clark has practically dealt with every case there is. Call his law firm today to avail of a FREE CONSULTATION!
Why Do I Need a Colorado Bankruptcy Attorney?
If you know someone who can never get out of debt and constantly feels, there is no way to improve your situation; it might be time to file for Chapter 7 bankruptcy. Making this potentially life-altering decision is difficult, but it is probably better than your current situation and could even become one of the best decisions in your life!
Our legal team at the Law Office of Clark Daniel Dray is exceptionally proficient in guiding our clients through every step of the bankruptcy proceedings, particularly by giving you all the information about the bankruptcy trustee’s role in Chapter 7.
If you decide to let Clark and his team handle all the legal matters on your bankruptcy case, you can expect the following:
- Someone who strives to make help change every person’s life for the better through Chapter 7 and Chapter 13 bankruptcy relief
- Someone who understands the importance of ensuring future generations is well-provided for
- Someone who takes time to understand what each client wants to attain
- Someone who prepares all needed documentation in a way that makes it understandable for anyone
- Someone who is a call away whenever you need help with your bankruptcy case
Receiving high-quality debtor education from our law firm may be the key to ending the sleepless nights caused by your money problems. Schedule a FREE CONSULTATION with Clark by giving us a call now!
The Chapter 7 Bankruptcy Process
Also known as the liquidation chapter, Chapter 7 bankruptcy involves the gathering and selling of your personal non-exempt property (not protected by Colorado bankruptcy exemptions) to raise money and repay your creditors. Per the Bankruptcy Code, you will be under bankruptcy protection under this chapter for three to six months after filing.
You and your Broomfield, CO bankruptcy lawyer must distinguish which assets you own are exempt from liquidation before submitting your paperwork for Chapter 7 bankruptcy filing. You should be able to keep your house, car, social security, clothes, and some personal items. Our law office will work with you closely to increase the chances of retaining possession of your valuables and make you fully aware of the bankruptcy trustee’s role in Chapter 7.
In addition to passing a Chapter 7 means test, you (along with your partners, if any) must undergo credit counseling given by an approved credit counseling agency and should appear before bankruptcy court to receive orders within 180 days from bankruptcy filing to be eligible.
The Primary Role of the Chapter 7 Bankruptcy Trustee
The Chapter 7 bankruptcy trustee’s role is to act as the bankruptcy administrator or become the person in charge of gathering and selling (liquidating) your assets. Because once you petition for Chapter 7, you technically no longer own any of your non-exempt property. While you have an open Chapter 7 bankruptcy case, the trustee is responsible for holding and managing it in a bankruptcy estate.
Ask your Broomfield, CO bankruptcy lawyer about how you can communicate with the Chapter 7 trustee while also seeking a thorough explanation of their role in your bankruptcy case.
Other Duties of the Chapter 7 Bankruptcy Trustee
Apart from managing and liquidating your properties unprotected by exemptions, it is also the role of the Chapter 7 bankruptcy trustee to make sure that the following are properly implemented:
- The Chapter 7 trustee reviews your petition – It is the bankruptcy trustee’s job to review your bankruptcy petition and confirm that everything you have disclosed is true based on what you submitted.
- The Chapter 7 trustee examines you during the 341 meeting of creditors – During this meeting, the bankruptcy trustee will interview you regarding the information found on the forms you filled out and the documents you sent while you are under oath.
- The Chapter 7 trustee recovers your pre-bankruptcy payments – Another way the Chapter 7 trustee finds money for your creditors is by evaluating payments and property transfers 90 days before submitting your petition and seeing if the transfer gets to threshold amounts.
- The Chapter 7 trustee checks your liens – The trustee ensures that this gets done because your friends or family members usually do not prepare loan documents and record liens correctly.
Call our Broomfield, CO, Bankruptcy Attorney Today!
Your decision on whether to file for Chapter 7 bankruptcy or not will affect your financial situation during the following months or years. Attorney Clark Daniel Dray possesses the knowledge, experience, and skills to give his clients the legal assistance needed to help with unpaid medical bills, figure out good bankruptcy alternatives, and do estate planning. He can also help file a Chapter 13 bankruptcy case if needed.
Get additional information on the Chapter 7 bankruptcy trustee role by calling The Law Office of Clark Daniel Dray immediately for a free initial consultation!