To make an appointment with Charles Lilley & Associates, call us at 303-293-9800. Under the new bankruptcy law, attorneys may not give any debt relief advice over the phone without first providing certain written disclosures. If you would like to receive those disclosures, call
303-293-9800 or
e-mail us here.

Requirements under the “Bankruptcy Abuse
Prevention and Consumer Protection Act of 2005”

Please read the general bankruptcy information first. This is only a brief summary of the new law, designed to give you a brief overview of its complex requirements.

Emergency cases include people facing home foreclosure within the next 60 days, wages being garnished or about to be garnished, vehicles being or about to be repossessed, and tax liens. People with emergencies should contact an attorney immediately.

NOTE: Some debts cannot ever be discharged: See "Are there debts I can not discharge? " on the general bankruptcy information page for a list.

Summary of major steps required to file bankruptcy:

1. Choose an attorney.

2. You must visit an authorized Consumer Credit Counselor before filing Bankruptcy. To download a list of court approved counselors in the Denver metro area, click here. (PDF)

3. You must gather certain information:

• documented proof of your income for the last seven (7) months, such as all your paystubs (and your spouse's even if you are not filing jointly);

• accurate information about all your assets such as home, cars, investments, etc. (and your attorney might need to investigate this);

• your tax returns for the last two years (if you do not have copies or did not file returns, contact us for more information on how to proceed);

• a complete and accurate list of your creditors (and your spouse's if you are filing jointly). We highly recommend you download a FREE credit report from here and then add all creditors not on this report;

• accurate documentation of your monthly expenses such as mortgage or rent payments, car loans, utilities, food, childcare, insurance, etc.

4. You must pass a “means test” to be eligible for relief under Chapter 7. When you file a Chapter 7, you are asking the Court to approve discharging all eligible debts so you don't have to pay them. We believe Chapter 7 will be allowed for many debtors. However, if your family makes more than the median income in Colorado, you might be required to file a Chapter 13 bankruptcy. The chart below is for median income for Colorado:

In Chapter 13, your attorney helps you set up a monthly payment plan so that you make a set payment to the Court Trustee each month for 3 - 5 years. The Trustee divides your payment amongst your creditors. Generally, at the end of the agreed upon time, your payments end even if all your debt is not paid. Chapter 13 is especially useful to those who have fallen behind on their mortgage payments or are facing foreclosure.

5. After your case is filed, you must go to a mandatory "341" meeting with a Trustee appointed to supervise your case and also respond to any creditors who want to ask you questions and who appear at the meeting.

6. You will be required to attend a financial education class as a condition to receiving your fresh start discharge. To download a list of court approved Debtor Edcation class providrers in the Denver metro area, click here. (PDF)

To schedule an appointment, call us at 303-293-9800.

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©2003 - 2008 Charles Lilley & Associates P.C. We are a debt relief agency.
We can help you file for bankruptcy under the Bankruptcy Code. All Rights Reserved.

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