One of the primary goals of Chapter 7 or Chapter 13 bankruptcy is to provide debtors with a financial fresh start. Imagine a world where bankruptcy stripped debtors of everything and you have to wonder how anyone could start over again. Fortunately, both Chapter 7 and Chapter 13 bankruptcy allow you to keep property that…Read more
Is Bankruptcy Better Than Debt Settlement?
I may get myself into trouble, but I’m going to assume that if you’re looking at our website, you’re trying to find a way to get out from under overwhelming debt. While bankruptcy is one way to do that, another way is to negotiate with your creditors to settle your debt for less than you…Read more
Can I Buy Back My Property If The Bankruptcy Trustee Wants To Sell It?
If you’re thinking about filing personal bankruptcy and you’re like most of the people that hire me, one of your biggest concerns is whether you’re going to lose any of your belongings in the process. The bottom line is that most people get to keep their property. Colorado, like every other state, has laws (most…Read more
The Dangers of Representing Yourself in Bankruptcy
If you’re think about filing your own bankruptcy, you’re not alone. In Colorado, about 10% of people who file represent themselves. In California it’s even higher. As I’ve written before, I don’t think it’s absolutely necessary for everyone to hire a Denver bankruptcy attorney. If you’re prepared to navigate the Internet, you’ll find all the…Read more
8 Bankruptcy Videos You Should Watch Before You File
Bankruptcy Basics – Part 1: Introduction Bankruptcy Basics – Part 2: Types of Bankruptcy Bankruptcy Basics – Part 3: Limits of Bankruptcy Bankruptcy Basics – Part 4: Filing for Bankruptcy Bankruptcy Basics – Part 5: Creditors Meeting Bankruptcy Basics – Part 6: Bankruptcy Crime Bankruptcy Basics – Part 7: Court Hearings Bankruptcy Basics – Part…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
How Soon Can I File For Bankruptcy Again?
It can happen to the best of us. Despite your best intentions, circumstances beyond your control can lead to bankruptcy a second time. The same reasons that bring people to bankruptcy in the first place: divorce, unemployment, and unexpected medical expenses, are things that we have little control over and, unfortunately, can cause financial circumstances…Read more
What You Should Know About the Colorado Homestead Exemption When You File Bankruptcy
If you are thinking about bankruptcy and own a home or any other real estate, you should make sure you understand what exemptions are and how they affect what property you can keep. When you file bankruptcy, you must list all of your assets. They will either be listed as “exempt” or “non-exempt”. The bankruptcy…Read more
What is the Wildcard Exemption in Bankruptcy?
The Wildcard Exemption May Protect Property That Isn’t Covered By Other Exemptions If you research bankruptcy, you know that when you file, your assets will either be classified as “exempt” or “non-exempt”. Exempt property cannot be sold or otherwise liquidated and distributed to your creditors. Conversely, the bankruptcy trustee will be on the lookout for…Read more
At The Bankruptcy Meeting of Creditors, What You Say Can Be Held Against You
I was at a meeting of creditors the other day watching an exchange between the trustee and debtors. Apparently, the debtors had listed some tools on their petition and were claiming a “tools of the trade” exemption. They believed that these tools were protected from the trustee, and he couldn’t sell them to give the…Read more
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