The Chapter 7 Trustee, John S. Lovald, appealed the bankruptcy court’s entry of a judgment in favor of the Defendants on his complaint seeking turnover under Section 542 of the Bankruptcy Code of money allegedly owed to the bankruptcy estate. On November 12, 2009, the Trustee filed a complaint under Section 542 against the Defendants…Read more
How To Recover From Bankruptcy
Personal Bankruptcy In Colorado Is Just The First Step To A New Financial Start One of the first questions that my clients ask me is how bankruptcy will affect their chances of buying a home in the future. Unfortunately, there is no simple answer to this question. Obviously your credit score will take a big…Read more
Can I Discharge a Loan That I Used to Pay My Taxes in Bankruptcy?
If you’ve been researching bankruptcy issues, you know that taxes are generally non-dischargeable. So, it wouldn’t make any sense to allow debtors to discharge loans that were taken out to pay taxes would it? That’s the kind of loophole that the lenders are just not going to allow. In fact, the Bankruptcy Code expressly prohibits…Read more
Can I Eliminate Personal Injury Awards Against Me In Bankruptcy?
Unfortunately, not all debts can be eliminated, or discharged, in bankruptcy. Included in non-dischargeable debts are certain awards that arise from personal injury lawsuits. Bankruptcy Code Section 523(a)(6) states that debts for “for willful and malicious injury by the debtor to another entity or to the property of another entity” will not be discharged. What…Read more
10th Circuit Court of Appeals Bankruptcy Decision – Healthtrio, Inc. v. Centennial River Corp.
The primary issue in this Chapter 7 bankruptcy case is whether the United States Bankruptcy Appellate Panel of the Tenth Circuit (BAP) had jurisdiction to review an “order for relief” entered by a bankruptcy judge serving in the United States Bankruptcy Court for the District of Delaware (Delaware Bankruptcy Court). The Delaware bankruptcy judge entered…Read more
10th Circuit Bankruptcy Appellate Panel Decision – In re Wilcox (Unpublished)
Debtor filed a voluntary petition for Chapter 13 relief on September 17, 2010. On September 20, 2010, the bankruptcy court’s clerk’s office issued a Deficiency Notice to Debtor, advising him of his failure to file several required documents, including a Statement of Affairs and his schedules. Debtor was directed to file the required documents by…Read more
Colorado Bankruptcy Court Decision – In re Graham (Musich v. Graham)
The Plaintiff filed this adversary proceeding to prevent the discharge of a debt pursuant to Bankruptcy Code Section 523(a)(6). The debt arose from a fight that broke out during a raucous baseball game. After a criminal case, which led to a guilty plea by the Defendant to second degree assault, and several years of civil…Read more
9th Circuit Court of Appeals Bankruptcy Decision – Palmdale Hills Property, LLC v. Lehman Commercial Paper, Inc.
An automatic stay imposed by Bankruptcy Code Section 362(a) bars actions that would diminish the estate of a debtor in bankruptcy (the first debtor). Therefore, if another (also a debtor in bankruptcy) wants to equitably subordinate the creditor claims of the first debtor, it must seek relief from stay from the first debtor’s home bankruptcy…Read more
8th Circuit Bankruptcy Appellate Panel Decision – Schmidt v. Klein Bank
Klein Bank appeals from the Orders of the Bankruptcy Court denying its motions to remand its replevin actions which had been removed from the state court to the bankruptcy court. In denying the motions, the Bankruptcy Court concluded that the replevin actions are core proceedings. While this appeal was pending, the United States Supreme Court…Read more
How to Keep Your Tax Refund When You File Bankruptcy
If you’re thinking about bankruptcy, one of the most important considerations can be timing. Colorado bankruptcy exemptions only protect the Earned Income Credit and Additional Child Tax Credit portion of your federal tax refund. State tax refunds are completely unprotected. What that means is that the unprotected portion of your tax refund is part of…Read more
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