When it comes to cars, I seem to have two kinds of clients: either they have older cars with modest value, or they have newer cars that are worth much less than the loans they are paying for them. The good news is that I have never had a client lose their car after they…Read more
Divorce and Overwhelming Debt
Among the life events that lead people to file bankruptcy, divorce is at, or near, the top of the list. It’s hardly surprising. Suddenly a household income is halved, yet expenses remain the same, or even increase. The Los Angeles Times has a great feature on how debt can overwhelm someone who finds herself going…Read more
How Do I Calculate the Value of My Car for Bankruptcy?
When your attorney prepares your bankruptcy petition, he or she will ask you for a list of all vehicles you own. Along with each car, you will have to list the value of the property, as required by the Bankruptcy Code. Bankruptcy Code Section 506 requires the use of the “replacement value as of the…Read more
How Do I Figure the Value of My Property for Bankruptcy?
When your attorney prepares your bankruptcy petition, he or she will ask you for a list of all of your personal property. Along with each item, you will have to list the value of the property, as required by the Bankruptcy Code. Bankruptcy Code Section 506 requires the use of the “replacement value as of…Read more
What is the Co-Debtor Stay in Chapter 13 Bankruptcy?
Chapter 13 of the Bankruptcy Code offers additional protections over those contained in Chapter 7. One of the more significant ones is the co-debtor stay. Section 1301 of the Bankruptcy Code provides that once a debtor files a Chapter 13 bankruptcy petition, a creditor may not act, or commence or continue any civil action, to…Read more
How Much Money Should I Have in My Bank Accounts Before I File Bankruptcy?
When your attorney files your bankruptcy petition, you want to make sure that your bank account balances are as low as possible. You might have a balance if you have direct deposit, and your attorney is filing on or around your payday. If you have a balance in your bank accounts, the trustee will require…Read more
What is the Homestead Exemption in Bankruptcy in Colorado?
Colorado Homestead Exemption Information Under Colorado law, people who file bankruptcy are allowed to keep certain property. This property is “exempt” from being used by the trustee to pay the person’s debts. Colorado Revised Statute Section 38-41-201 protects up to $60,000.00 of a homeowner’s equity in his or her residence. Seniors or disabled people are…Read more
Should I Use My Credit Cards Right Before I File Bankruptcy?
It’s a tempting thought: since I’m going to file bankruptcy anyway, why not max out my credit cards? I’ve always wanted to go to Disneyland! I mean, hey, I’ve been paying on this credit card for years. They’ve gotten back way more than I owe them in interest. Hopefully, you’re reading this before you put…Read more
Can I Give Away Property Before I File Bankruptcy?
So, you’re thinking about filing bankruptcy and heard somewhere that when you file, you lose all your property. Instead of letting the bankruptcy court sell your things, you decide to start giving your property away. Let’s clear up a few things: first, you won’t lose all your property when you file bankruptcy. Colorado law makes…Read more
What Property is not in Your Bankruptcy Estate?
When your attorney files your bankruptcy petition, almost all of your property falls under the authority of the bankruptcy court and trustee’s authority. The court can order any non-exempt property that is in your estate to be sold and the proceeds given to your creditors. The following property is not in your bankruptcy estate: Property…Read more
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