Section 521(e)(2)(A) requires debtors to provide a copy of their tax return “for the most recent tax year ending immediately before the commencement of the case and for which a Federal income tax return was filed”. Your attorney will probably ask you to sign an IRS Form 4506-T, which allow her to get a copy…Read more
How Should I Answer the Trustee’s Questions at the Meeting of Creditors?
As you probably know by now if you’ve been reading this blog, when you file bankruptcy, you’re guaranteed to have to make one visit to the bankruptcy court here in Colorado. That will be the meeting of creditors, or 341 meeting. The trustee runs the meeting, and will ask you a series of questions. In…Read more
How Long Does a Creditor Have to Object to Discharge in a Chapter 7 Bankruptcy?
While not typical, a creditor can object to having a debt discharged in Chapter 7 bankruptcy. One example of why a creditor might object is if you misled it when you applied for credit by, for example, misstating your income. Under Federal Rule of Bankruptcy Procedure 4004(a), a creditor “[i]n a chapter 7 case, a…Read more
How Long Does the Trustee Have to Object to a Claim of Exemption in Bankruptcy?
Once you list the property you claim as exempt under the Bankruptcy Code, the trustee can object to any of your claimed exemption. Federal Rule of Bankruptcy Procedure 4003(b)(2) states, The trustee may file an objection to a claim of exemption at any time prior to one year after the closing of the case if…Read more
How Long Does a Party in Interest Have to Object to a Claim of Exemptions in Bankruptcy?
Once you list the property you claim as exempt under the Bankruptcy Code, a party in interest, normally a creditor, has 30 days from the date of the meeting of creditors to object to any of your claimed exemption. Colorado Bankruptcy Exemptions Federal Rule of Bankruptcy Procedure 4003(b)(1) states, Except as provided in paragraphs (2)…Read more
Does Filing Bankruptcy Stop a Divorce Case?
The second your attorney files your bankruptcy petition most collection efforts must automatically stop. This is known as the “automatic stay” in bankruptcy. There are a few things that the automatic stay doesn’t apply to, however. The automatic stay does not stop a divorce case. Bankruptcy Code Section 362(b)(2)(a)(iv) states: (b) The filing of a…Read more
What are the Duties of a Trustee in a Chapter 7 Bankruptcy?
When your attorney files your Chapter 7 bankruptcy petition, a trustee will be assigned for your case. The trustee is a central character in your bankruptcy case. You will meet him or her at your meeting of creditors. Section 704(a) sets forth the following duties of the trustee: (1) collect and reduce to money the…Read more
How is Property from the Estate Distributed in a Chapter 7 Bankruptcy?
Most Chapter 7 bankruptcies in Colorado are filed as “no asset” cases. What that means is that there is no property in the estate that can be liquidated for distribution to creditors. In the event there is estate property which can be distributed, the Section 726(a) of Bankruptcy Code provides the sequence by which creditors…Read more
What Happens if I Move During My Bankruptcy?
If you move during your bankruptcy, it is important that you tell your attorney as soon as possible. Bankruptcy Rule of Procedure 4002(a)(5) requires your attorney to, “file a statement of any change of the debtor’s address.” If you fail to tell your attorney, you might miss important communications from your attorney or the bankruptcy…Read more
How Soon Does a Reaffirmation Agreement Have to be Filed with the Bankruptcy Court?
If you have decided to reaffirm any of your debts in bankruptcy, you must ensure that the reaffirmation agreement gets filed on time. Under Bankruptcy Rule 4008(a), a reaffirmation agreement, shall be filed no later than 60 days after the first date set for the meeting of creditors under § 341(a) of the Code. The…Read more
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