"Colorado Reaffirming Debts"
The act of reaffirming debts requires court approval in all Colorado bankruptcy proceedings. Both the documents required to evidence a reaffirmation
of debt, and the hearing conducted by the court, inform the debtor that payment of the debt will be mandatory.
Discharge does not eliminate reaffirmed debts. Creditors obtaining a reaffirmation in a Colorado bankruptcy
proceeding may file suit in state courts for collection in the
event of nonpayment, despite a general Chapter 7 discharge.
| 11 U.S.C. §521(2)(a) provides "within thirty days after the date of the filing of a
petition under chapter 7 of this title or on or before the date of the meeting of creditors, whichever is
earlier, or within such additional time as the court, for cause, within such period fixes, the debtor shall
file with the clerk a statement of his intention with respect to the retention or surrender of such property
and, if applicable, specifying that such property is claimed as exempt, that the debtor intends to redeem
such property, or that the debtor intends to reaffirm debts secured by such property." |
NOTE: Spanish language forms and information may be obtained from a various websites, including the United
State Department of Justice, Administrative Office of the U.S. Courts, and other US Court sites. Regarding these
forms, the Colorado Bankruptcy Court advises "While we have no reason to believe that these Spanish language
forms or information have been translated inaccurately, only the English language forms are officially
prescribed by the Judicial Conference of the United States Courts. Accordingly, the Court for the District of
Colorado can not guarantee the accuracy or sufficiency of information contained in Spanish language forms or
informational documents." The Colorado Bankruptcy Court also maintains a pro bono program to assist qualified
debtors with adversary proceedings (not available to file petitions to initiate Ch. 7 or 13 cases).
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