As you probably know by now if you’ve been reading this blog, when you file bankruptcy, you’re guaranteed to have to make one visit to the bankruptcy court here in Colorado.  That will be the meeting of creditors, or 341 meeting.  The trustee runs the meeting, and will ask you a series of questions.  In…Read more

While not typical, a creditor can object to having a debt discharged in Chapter 7 bankruptcy.  One example of why a creditor might object is if you misled it when you applied for credit by, for example, misstating your income. Under Federal Rule of Bankruptcy Procedure 4004(a), a creditor “[i]n a chapter 7 case, a…Read more

Once you list the property you claim as exempt under the Bankruptcy Code, the trustee can object to any of your claimed exemption. Federal Rule of Bankruptcy Procedure 4003(b)(2) states, The trustee may file an objection to a claim of exemption at any time prior to one year after the closing of the case if…Read more

Once you list the property you claim as exempt under the Bankruptcy Code, a party in interest, normally a creditor, has 30 days from the date of the meeting of creditors to object to any of your claimed exemption. Colorado Bankruptcy Exemptions Federal Rule of Bankruptcy Procedure 4003(b)(1) states, Except as provided in paragraphs (2)…Read more

The second your attorney files your bankruptcy petition most collection efforts must automatically stop.  This is known as the “automatic stay” in bankruptcy.  There are a few things that the automatic stay doesn’t apply to, however. The automatic stay does not stop a divorce case.  Bankruptcy Code Section 362(b)(2)(a)(iv) states: (b) The filing of a…Read more

When your attorney files your Chapter 7 bankruptcy petition, a trustee will be assigned for your case.  The trustee is a central character in your bankruptcy case.  You will meet him or her at your meeting of creditors. Section 704(a) sets forth the following duties of the trustee: (1) collect and reduce to money the…Read more