Chapter 7 Bankruptcy in Colorado: Who can file? Bankruptcy under Chapter 7 involves the sale — or “liquidation” — of a debtor’s non-exempt property. After the non-exempt property is sold, the bankruptcy trustee uses the proceeds to pay as much of the debtor’s debts as possible. At the conclusion of the case, the debtor is discharged from liability for most remaining unsecured debts. Although the Bankruptcy Code is a federal law that applies throughout the United States, it nonetheless allows each state to define what property is exempt from liquidation when that state’s residents file for bankruptcy. The Bankruptcy Code includes its own list of exemptions, but states can enact alternative lists. Some states have opted out of the federal list, requiring debtors to use the state exemptions when filing for bankruptcy. Others have enacted their own exemptions list, but allow debtors to choose between federal and state exemptions. Venue in bankruptcy cases is generally determined by where the debtor has lived the longest during the 180 days prior to filing. So, a debtor who qualifies to file bankruptcy under Chapter 7 can do so in the Bankruptcy Court for the District of Colorado if he or she has lived in Colorado longer than anywhere else in the last six months. However, filing for bankruptcy in Colorado doesn’t necessarily mean that Colorado’s law will determine what property exemptions are available. Likewise, Colorado’s list of exemptions may apply even in cases filed in other states. The Bankruptcy Code requires bankruptcy courts to apply the exemptions law of the state where the debtor lived during the 730 days (i.e., two years) prior to filing. If the debtor lived in more than one state during that time, then the court will apply the law of the state where the debtor lived for most of the six months prior to that two-year period. See also: How Often Can You File Bankruptcy in Colorado? Cost to file chapter 7 in Colorado The chapter 7 filing fees in Colorado are $338, but that doesn’t tell the whole story of the real cost to file bankruptcy. Bankruptcy lawyers usually charge between $1,000 and $2,000 to file a chapter 7 case, in addition to the filing fee. Colorado Bankruptcy Court Location Chapter 7 bankruptcy cases in Colorado are filed in the United States Bankruptcy Court, District of Colorado. It has one location: Street address: 721 19th St., Denver, CO 80202 Telephone: (720) 904-7300 Website: http://www.cob.uscourts.gov FacebookPinTweetEmail National Bankruptcy Forum Help us match you with a local attorney Free Bankruptcy Evaluation "*" indicates required fields First Name* Last Name* Phone* Email* Δ Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Save my name, email, and website in this browser for the next time I comment. Δ
Chapter 7 Bankruptcy in Colorado: Who can file? Bankruptcy under Chapter 7 involves the sale — or “liquidation” — of a debtor’s non-exempt property. After the non-exempt property is sold, the bankruptcy trustee uses the proceeds to pay as much of the debtor’s debts as possible. At the conclusion of the case, the debtor is discharged from liability for most remaining unsecured debts. Although the Bankruptcy Code is a federal law that applies throughout the United States, it nonetheless allows each state to define what property is exempt from liquidation when that state’s residents file for bankruptcy. The Bankruptcy Code includes its own list of exemptions, but states can enact alternative lists. Some states have opted out of the federal list, requiring debtors to use the state exemptions when filing for bankruptcy. Others have enacted their own exemptions list, but allow debtors to choose between federal and state exemptions. Venue in bankruptcy cases is generally determined by where the debtor has lived the longest during the 180 days prior to filing. So, a debtor who qualifies to file bankruptcy under Chapter 7 can do so in the Bankruptcy Court for the District of Colorado if he or she has lived in Colorado longer than anywhere else in the last six months. However, filing for bankruptcy in Colorado doesn’t necessarily mean that Colorado’s law will determine what property exemptions are available. Likewise, Colorado’s list of exemptions may apply even in cases filed in other states. The Bankruptcy Code requires bankruptcy courts to apply the exemptions law of the state where the debtor lived during the 730 days (i.e., two years) prior to filing. If the debtor lived in more than one state during that time, then the court will apply the law of the state where the debtor lived for most of the six months prior to that two-year period. See also: How Often Can You File Bankruptcy in Colorado? Cost to file chapter 7 in Colorado The chapter 7 filing fees in Colorado are $338, but that doesn’t tell the whole story of the real cost to file bankruptcy. Bankruptcy lawyers usually charge between $1,000 and $2,000 to file a chapter 7 case, in addition to the filing fee. Colorado Bankruptcy Court Location Chapter 7 bankruptcy cases in Colorado are filed in the United States Bankruptcy Court, District of Colorado. It has one location: Street address: 721 19th St., Denver, CO 80202 Telephone: (720) 904-7300 Website: http://www.cob.uscourts.gov