While the Supreme Court has held that the right of a debtor to convert her Chapter 7 bankruptcy case to a Chapter 13 case is not absolute, it is possible in some circumstances. Any debtor who has begun a Chapter 7 case may convert it to a Chapter 13 case at any time during the…Read more
What is the Discharge Injunction in Bankruptcy?
Section 524(a) of the Bankruptcy Code states: A discharge in a case under this title— (1) voids any judgment at any time obtained, to the extent that such judgment is a determination of the personal liability of the debtor with respect to any debt discharged under section 727, 944, 1141, 1228, or 1328 of this…Read more
Will I Owe Taxes on My Debts that are Discharged in Bankruptcy?
Discharge of debt through bankruptcy is not taxable, unlike other types of discharge of debt (debt settlement, lawsuit settlement, etc.). If you receive an IRS form 1099 for discharged debt from a creditor after bankruptcy, you should talk with your bankruptcy attorney. The 1099 amount should generally not be included on your tax return. If…Read more
Where Can I Find Debtor Education Providers for Bankruptcy?
After you attend your meeting of creditors, and before your bankruptcy can be discharged, you must complete a debtor education course. This course can be taken over the phone, online, or in person. After you complete the course, you’ll receive a certificate of completion which your attorney must file. You can find a list of…Read more
Where Can I Find Credit Counseling Providers for Bankruptcy?
Before your bankruptcy attorney can file your bankruptcy petition, you must complete a credit counseling session. A typical counseling session takes about an hour and can be done online, over the phone, or in person. Once you complete the class, you must get a certificate of completion, which your attorney will include with your bankruptcy…Read more
Will I Lose My Tax Refund if I File Bankruptcy?
Tax refunds are part of the bankruptcy estate, and a bankruptcy trustee can require you to hand over your refund for distribution to your creditors. However, any earned income tax credit that the debtor may be entitled to has generally been held to belong to the debtor. Whether or not the trustee will ask for…Read more
What Are the Steps in a Chapter 7 Bankruptcy Before My Case is Discharged?
One day, I’ll have to do a Top 10 list of questions that my clients ask me. But somewhere in there is, “How long will it take before my bankruptcy case is done.” Of course, I can’t give an answer that applies to everyone, but in our office, these are the steps we take to…Read more
What is the Tools of the Trade Exemption in Bankruptcy in Colorado?
Under Colorado law, people who file bankruptcy are allowed to keep certain property. This property is “exempt” from being used by the trustee to pay the person’s debts. Colorado Revised Statute 13-54-102(1)(i) exempts “stock in trade, supplies, fixtures, maps, machines, tools, electronics, equipment, books, and business materials of any debtor used and kept for the…Read more
How Much is the Household Goods Exemption in Bankruptcy in Colorado?
Under Colorado law, people who file bankruptcy are allowed to keep certain property. This property is “exempt” from being used by the trustee to pay the person’s debts. Colorado Revised Statute 13-54-102(1)(e) allows debtors to exempt household goods to the extent of $3,000.00. Typically, this value is based on the price you would get for…Read more
How Much Jewelry Can I Keep When I File Bankruptcy?
Under Colorado law, people who file bankruptcy are allowed to keep certain property. This property is “exempt” from being used by the trustee to pay the person’s debts. Colorado Revised Statute 13-54-102(1)(b) exempts “watches, jewelry, and articles of adornment of the debtor and each dependent to the extent of $2,000.00 in value.”
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