A reaffirmation agreement is an agreement between the debtor and a creditor by which a debtor becomes legally obligated to pay all or a portion of an otherwise dischargeable debt. What that means is that, if you sign a reaffirmation agreement, and you become unable to pay that debt, the creditor will be able to…Read more
What is a Bankruptcy Petition Preparer?
A “bankruptcy petition preparer” is a person or firm which is not authorized to act as an attorney, but who fills out your bankruptcy petition and related forms for a fee. Bankruptcy petition preparers can only provide and type the forms. They may not give you legal advice. Their services are subject to restrictions and…Read more
What is a Motion for Relief from Stay In Bankruptcy?
Under certain circumstances, a creditor or a party seeking to continue an action outside of the bankruptcy will file a motion for relief from stay. Typically, the creditor is seeking to foreclose on property, sell it and apply the proceeds to the debt. The motions are most common in cases where there is no value…Read more
What Are Exemptions in Bankruptcy?
The Bankruptcy Code allows an individual debtor to hold back from the bankruptcy process certain property. Such property is called an exempt asset. Exempt assets are protected by state law from distribution to creditors. Examples of exempt assets include vehicles up to a certain value, equity in a home up to a certain value, and…Read more
Do I Have to Pay My Ex-Spouse’s Debts if He Files Bankruptcy?
What Happens If My Ex Files For Bankruptcy? I get lots of calls from people who have gotten a notice from the bankruptcy court about their ex-spouse’s bankruptcy. They want to know what the notice means and if they need to do anything. They are panicking, because they don’t understand what their ex’s filing means…Read more
What are Local Bankruptcy Rules?
The Local Bankruptcy Rules for the District of Colorado supplement the Federal Rules of Bankruptcy Procedure and the Bankruptcy Official forms by providing guidance for cases filed in Colorado. The Local Rules are very important because they contain information about filing cases and pleadings that are specific to the Colorado Bankruptcy Court. You may obtain…Read more
What is a Certificate of Service in Bankruptcy Court?
When you file a motion or pleading with the bankruptcy court, you must file a written statement that you have mailed or delivered a copy of the motion to all interested parties. This is called a certificate of service. You must list the name and address of each person and attorney being served with the…Read more
What is an Adversary Proceeding in Bankruptcy?
An adversary proceeding is a lawsuit arising in or related to a particular bankruptcy case. It is commenced by filing a Complaint with the bankruptcy court, and is given a separate case number. The Federal Rules of Bankruptcy Procedure and the Local Bankruptcy Rules state which actions must be brought as adversary proceedings, and the…Read more
6 Things You Should Know Before You Go to Your Meeting of Creditors
Of all the things that seems to intimidate my clients about bankruptcy, the “meeting of creditors” (also called the “341” meeting after the Bankruptcy Code section that sets forth its requirement), is near the top of the list. The meeting of creditors is the only appearance that most of my clients will ever make during…Read more
What is the Difference Between Secured Debt and Unsecured Debt?
When filing bankruptcy, it is important to know the difference between your secured and unsecured debt. Secured debt and unsecured debt may be treated differently, particularly if your are trying to keep the collateral which secures the debt, like a car or home. Secured Debt: A secured debt is a debt that is backed by…Read more