In today’s blog I will continue with the Bankruptcy Basics Pamphlet offered by the United States Bankruptcy-Colorado District. The next seven pages of the pamphlet discuss Chapter 7 bankruptcy. Most of the issues presented in those pages can be found in a prior blog discussing Chapter 7 bankruptcy issues.
In the pamphlet there is a discussion about the basis for denying a discharge in a Chapter 7 case.
Some of the reasons that the court may deny you a discharge are if it finds that you:
- failed to keep or produce adequate books or financial records;
- failed to satisfactorily explain any loss of assets;
- committed a bankruptcy crime such as perjury;
- failed to obey a lawful order of the bankruptcy court;
- fraudulently transferred, concealed, or destroyed property that would have become property of the estate;
- or failed to complete an approved instructional course concerning financial management. 11 U.S.C. § 727; Fed. R. Bankr. P. 4005.
Another method of counteracting the discharge besides a denial is via a reaffirmation of the debt. After a discharge is granted secured creditors may retain some rights to seize property securing an underlying debt. In such an instance you may keep certain secured property if you reaffirm your debt. There is an explanation of a reaffirmation agreement in my November 11th blog. Title 11 section 524 c of the Bankruptcy Code also discusses the terms of the reaffirmation agreement.
If you have any questions and live in Denver, Aurora, Arvada, Boulder, Brighton, Broomfield, Commerce City, Englewood, Golden, Highlands Ranch, Lakewood, Lafayette, Littleton, Northglenn, Westminster, Wheat Ridge, Colorado please feel free to contact me. Kevin D. Heupel, Colorado Bankruptcy lawyer, 303-955-7570, COBankruptcyHelpEmail, free-consultation form.
