The Colorado Life Insurance Exemption For Bankruptcy When your attorney files your bankruptcy petition, all of your assets will create a bankruptcy estate.  Assets in the bankruptcy estate are either exempt or nonexempt.  If an asset is exempt, that means that it is protected from sale by the bankruptcy trustee.  He or she can not…Read more

Section 547(b)(4)(B) of the Bankruptcy Code that the trustee may “avoid” (meaning reverse or void) any transfers made to any insider within a year from filing the bankruptcy petition. Under the Bankruptcy Code, family members are insiders.  This provision is especially important if you have been paying back a loan from a family member.  You…Read more

Chief Bankruptcy Judge Howard Tallman issued the below order this week that, in the event of a governmental shutdown, the District of Colorado Bankruptcy Court will continue operations.   [gview file=http://www.cob.uscourts.gov/orders/AdmOrdCJ2011-2.pdf]

If a creditor has gotten judgment against you before you file bankruptcy, it’s possible that he may also have a judgment lien.  In Colorado, in order to do so creditor must file a transcript of judgment with a county clerk and recorder in whichever county you reside and possibly any county in which you own…Read more

Section 101(3) of the Bankruptcy Code defines an assisted person as “any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $175,750.”  Under the Bankruptcy Code, the dollar amount will change from time to time. The term “assisted person” comes into play when defining what a…Read more

If you are thinking about filing bankruptcy in Colorado, you should visit the website for the U.S. Bankruptcy Court for the District of Colorado. It is a very helpful site and one that even bankruptcy attorneys consult all the time.  You can find answers to many questions, including how much it costs to file bankruptcy…Read more

In order to qualify for Chapter 7 bankruptcy, your income must be below a certain amount.  That amount will depend on the state median income for the state you live in as well as the number of people in your home that need to be included in your household size. Part of my consultation with…Read more

When your bankruptcy attorney prepares your bankruptcy petition, she will have to complete Schedule H – Codebtors (also known as Official Form 6H).  Schedule H requires you to list any person or entity (such as a business you own) that is also liable for any debts that you list in your petition.  You must include…Read more