I can’t think of a more powerful, effective tool in eliminating overwhelming debt than the one provided in United States’ Bankruptcy Code. No tool will get a person on the road to financial recovery after they’ve been hit by unforeseen debt faster than bankruptcy. In fact, bankruptcy can be the answer to the question of…Read more
When Is A Property Settlement In Divorce A Non-Dischargeable Support Obligation In Bankruptcy?
Whether or not someone can get rid of a divorce-related property settlement agreement in bankruptcy seems like a simple question, doesn’t it? In bankruptcy, there is no such thing as simple. Whenever a potential client tells me they have a “simple” bankruptcy, I force myself not to laugh out loud. Bankruptcy is a minefield and…Read more
Can I Get Rid Of A Second Mortgage In Chapter 7 Bankruptcy?
The Supreme Court recently held that a debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien under §506(d) when the debt owed on a senior mortgage lien exceeds the current value of the collateral if the creditor’s claim is both secured by a lien and allowed under §502 of the…Read more
Do I Have To Tell The Bankruptcy Court About Debts I Owe To Family Members Or Friends?
It’s not unusual for a client or potential client to ask me if they have to list all of the people they owe money to. The question will come up either in the initial consultation or at the time we’re reviewing their petition and going over the schedules that list their creditors. Oftentimes, they want…Read more
Can I Get Rid Of Restitution That Was Ordered When I Was A Juvenile?
One thing you should know if you’re thinking about filing bankruptcy to eliminate your debts is that bankruptcy can’t get rid of all kinds of debts. For example, one type of debt that cannot be eliminated is court restitution. Restitution typically arises after someone has been arrested and a criminal court imposes as punishment, although…Read more
Can I Use The Colorado Homestead Exemption For An Adjacent Parcel Of Vacant Land?
If you’re considering filing bankruptcy in Colorado, or anywhere else for that matter, it’s important to understand that only a certain amount of real estate or personal property is protected when you file. If you own any unprotected property when you file, the bankruptcy trustee could force you to turn it over and distribute the…Read more
Can I Change My Mind About Keeping My House After I File Chapter 13 Bankruptcy?
One of the benefits of Chapter 13 bankruptcy is that it allows you to reorganize your debts. That means that if you have gotten behind on your mortgage, you can get caught up over the course of your three to five year Chapter 13 payment plan. Chapter 13 will also allow you to convert a…Read more
Colorado Chapter 13 Debtors Can Repay Their Debts Over 60 Months, Even If They Could Pay Them Off Sooner
Chapter 13 bankruptcy, as opposed to Chapter 7 bankruptcy, requires filers to repay a certain amount of their unsecured debt over a period of three to five years. Usually, whether someone is in a Chapter 13 plan for three years or five years can depend on factors such as their household income, whether they owe…Read more
10th Circuit Bankruptcy Appellate Panel Rules That Colorado’s Tools Of The Trade Exemption Does Not Apply To Real Estate
One of your primary concerns when considering bankruptcy should be how filing will affect any personal property and real estate that you own. The bankruptcy code allows each state to decide just how much property is protected. Colorado’s protections (what we lawyers call “exemptions”) cover your primary residence, household goods, clothing, jewelry, vehicles, and other…Read more
10th Circuit Court of Appeals Bankruptcy Decision – In re: Bakay
Plaintiffs-appellants George and Georgia Diamond filed an adversary proceeding against Chapter 7 debtor Scott Bakay alleging that Bakay fraudulently induced them to loan him money. The bankruptcy court entered summary judgment in favor of the Diamonds and declared the loan nondischargeable, but denied the Diamonds postjudgment motion for prejudgment interest. The Diamonds appealed this latter…Read more
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