If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in…Read more
How Much of My Paycheck Can a Creditor Garnish?
It’s no coincidence that I get lots of phone calls from people looking for a bankruptcy attorney on Friday. For most people, Friday is payday. For people calling my office, that’s the day they learn their paycheck has been garnished. Once a creditor has gotten judgment, he can execute on that judgment. That means he…Read more
Colorado Foreclosure Hotline Gets Two Year Grant from Colorado Attorney General
Colorado Attorney General John Suthers has announced that his office has awarded the Colorado Foreclosure Hotline a two-year, $600,000 grant to allow the nonprofit to continue its mission of helping homeowners avoid foreclosure. The Office of the Attorney General finalized the grant in March, which will allow the Colorado Foreclosure Hotline to continue to serve…Read more
What Happens if I Try to Hide Property When I File Bankruptcy?
Like real estate, there are three simple rules to bankruptcy: Disclose. Disclose. Disclose. Disclose everything: your income, your assets, your debts. It’s a simple rule, and if you follow it your bankruptcy will go off without a hitch. Ignore the rule, and you could have problems. When my clients come in for their initial consultation,…Read more
Will Bankruptcy Stop My Paycheck Being Garnished?
As I’ve written before, by the time a creditor has started garnishing your paycheck, your options are limited. You might be able to convince them to drop the garnishment in return for regular payments, but I haven’t seen that happen yet. And when I was working on the other side of things, none of my…Read more
Colorado Bankruptcy Court Decision – In re Shepard
Chapter 7 debtors and one of their secured creditors entered into a reaffirmation agreement. Debtors filed their case with the advice and assistance of an attorney. Debtors’ attorney did not sign the reaffirmation agreement. Creditor and debtors, on their own behalf, filed a joint motion to set a hearing to consider approval of the reaffirmation…Read more
What is Abandonment of Property of the Estate in Bankruptcy?
A motion to abandon could be the answer you’re looking for if you want to sell your home right after you file bankruptcy. Filing bankruptcy creates something called a bankruptcy estate. A bankruptcy estate is like a large, imaginary basket that your unprotected assets go into. Everything you own falls into one of two categories:…Read more
What is a Luxury Good or Service in Bankruptcy?
Before you file bankruptcy, it’s important to understand that while you should be able to eliminate most of your debts, you could be on the hook for some of your bills. For example, bankruptcy will not get rid of alimony, child support, or court restitution. And it’s so hard to convince a court to discharge…Read more
What Happens if I Have a Child During My Chapter 13 Bankruptcy?
So, you’ve filed Chapter 13 bankruptcy. You crafted a plan that covered every contingency, got all your creditors to agree to it, and the court confirmed it. A year later (with two to four more years to go on your plan), you get the news: your household will be growing. You’re having a baby! What…Read more
Is Filing for Bankruptcy the Same as Stealing?
I was having a conversation recently with a friend. We were talking about my practice and bankruptcy in general. It was just another conversation, until he told me, “I think bankruptcy is stealing.” He was essentially challenging me, and the subtext of his comment was how could I help people who steal. The comment caught…Read more
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