There are certain facts you may want to know about Colorado Chapter 7. Chapter 7 is one of the methods of bankruptcy that can be filed by individuals or businesses. It is sometimes called "straight bankruptcy". A person may be considering bankruptcy if they are only (or not even) able to make minimum payments, have lost your job or have had a setback due to a medical episode. Whatever the reason, Chapter 7 and other forms of bankruptcy were created to allow a relief for people over-burdened with debt. In the case of Colorado chapter 7, individuals who do not have any non-exempt property may only have to attend the credit counseling courses and fill out the paperwork to be submitted to the court. Many times, individuals do not even have to enter the courtroom. There are exceptions, of course. In the case of businesses that more often than not do have non-exempt property, a court appointed trustee will take care of liquidating assets and paying creditors. Chapter 7 is usually only used by businesses as a last resort when they do not feel there is any way to reorganize or salvage their business. When the bankruptcy has been discharged, the debtor is then free of the debt with the exception of student loans, alimony, child support and back taxes.