Colorado Discharge of Joint Debtors - Chapter 7 - updated 2005 Act form

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The form is a discharge of joint debtors. The debtors are granted a discharge pursuant to 11 U.S.C. section 727. The signature of the bankruptcy judge is required for this action.

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FAQ

Chapter 7 bankruptcy is a type of bankruptcy filing commonly referred to as liquidation because it involves selling the debtor's assets in bankruptcy. Assets, like real estate, vehicles, and business-related property, are included in a Chapter 7 filing.

In most cases, a Chapter 7 bankruptcy can stay on your credit reports for up to 10 years from the date you file bankruptcy. Once the 10-year period ends, the bankruptcy should fall off your credit reports automatically.

Hear this out loud PauseChapter 7 for Corporations and LLCs: How It Works The goal is orderly business liquidation. Not only will filing Chapter 7 close the business, but corporations and LLCs don't receive a debt discharge. It isn't needed. A creditor can't collect from the company once it's no longer operational.

Hear this out loud PauseAn individual receives a discharge for most of his or her debts in a chapter 7 bankruptcy case. A creditor may no longer initiate or continue any legal or other action against the debtor to collect a discharged debt. But not all of an individual's debts are discharged in chapter 7.

A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged.

The Chapter 7 Discharge. A discharge releases individual debtors from personal liability for most debts and prevents the creditors owed those debts from taking any collection actions against the debtor.

Hear this out loud PauseIn a Nutshell The court sends this document to the creditors you listed on your bankruptcy paperwork when you file. It gives each creditor important information about your case and tells them what they need to do if they have a reasonable objection to your bankruptcy.

CHAPTER 7 BANKRUPTCY TIMELINE Day 1: File Bankruptcy Petition with Court & Pay Filing Fees. Day 13 to 33: (7 Days BEFORE Meeting of Creditors) Deadline to Provide Tax Returns to Trustee. Day 20 to 40: Meeting of Creditors - also called 341(a) Meeting. Day 80 to 100: (60 Days AFTER First Date Set. ... DISCHARGE GRANTED.

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Colorado Discharge of Joint Debtors - Chapter 7 - updated 2005 Act form