I can’t think of a more powerful, effective tool in eliminating overwhelming debt than the one provided in United States’ Bankruptcy Code. No tool will get a person on the road to financial recovery after they’ve been hit by unforeseen debt faster than bankruptcy. In fact, bankruptcy can be the answer to the question of…Read more
When Is A Property Settlement In Divorce A Non-Dischargeable Support Obligation In Bankruptcy?
Whether or not someone can get rid of a divorce-related property settlement agreement in bankruptcy seems like a simple question, doesn’t it? In bankruptcy, there is no such thing as simple. Whenever a potential client tells me they have a “simple” bankruptcy, I force myself not to laugh out loud. Bankruptcy is a minefield and…Read more
Can I Use The Colorado Homestead Exemption For An Adjacent Parcel Of Vacant Land?
If you’re considering filing bankruptcy in Colorado, or anywhere else for that matter, it’s important to understand that only a certain amount of real estate or personal property is protected when you file. If you own any unprotected property when you file, the bankruptcy trustee could force you to turn it over and distribute the…Read more
Can I Change My Mind About Keeping My House After I File Chapter 13 Bankruptcy?
One of the benefits of Chapter 13 bankruptcy is that it allows you to reorganize your debts. That means that if you have gotten behind on your mortgage, you can get caught up over the course of your three to five year Chapter 13 payment plan. Chapter 13 will also allow you to convert a…Read more
Colorado Chapter 13 Debtors Can Repay Their Debts Over 60 Months, Even If They Could Pay Them Off Sooner
Chapter 13 bankruptcy, as opposed to Chapter 7 bankruptcy, requires filers to repay a certain amount of their unsecured debt over a period of three to five years. Usually, whether someone is in a Chapter 13 plan for three years or five years can depend on factors such as their household income, whether they owe…Read more
New Bankruptcy Court Fees Go Into Effect November 1, 2011
If you’re thinking about bankruptcy, you should know that new court fees take effect November 1, 2011. Below are the new fees for some of the primary costs in bankruptcy court. Chapter 7 Filing Fee – $306.00 Chapter 13 Filing Fee – $281.00 Adversary Proceeding Filing Fee – $293.00 Amendment to Petition Fee – $30.00…Read more
Colorado Bankruptcy Court Decision – In re: Shepard
Prior to the entry of the discharge order, the Chapter 7 debtors and one of their secured creditors (“Creditor”) entered into a reaffirmation agreement. Although debtors filed their case with the advice and assistance of an attorney, the attorney had not signed the declaration in support of the reaffirmation agreement. Creditor and debtors, on their…Read more
Colorado Bankruptcy Court Decision – In re: Butcher
This case presented the question of whether a debtor may remove language from the district’s form chapter 13 plan requiring the confirmed plan to be modified following the bar date if timely proofs of claim, filed after plan confirmation, indicate that the debtor’s plan does not fully provide for secured and priority claims. The Court…Read more