From time to time, we report on bankruptcy court decisions that may be of interest to our clients and friends Revocable grantor or “living” trusts are a popular alternative or adjunct to a traditional will as a means of passing property to one’s heirs. The grantor legally transfers property into the trust, and is…Read more
Can I Get Rid Of A Second Mortgage In A Chapter 7 Bankruptcy?
While not as hard hit as Florida or California, Colorado was not unaffected by the bursting of the housing bubble in 2007 and 2008. As we approach the tenth anniversary of the greatest American financial crisis since the Great Depression, some Coloradans are still picking up the pieces. Many homeowners who sought a fresh start…Read more
Can I Keep Operating My Business If I File Bankruptcy?
In a recent discussion on our blog about what can happen when one member of a multi-member limited liability company (LLC) files for bankruptcy, we noted the continued growth in the popularity of LLCs over the past several decades. This growth has not been limited to multi-owner businesses. Most state LLC laws recognize single member…Read more
What Happens If One Member Of A Limited Liability Company Files Bankruptcy?
The popularity of limited liability companies (LLCs) in the United States has grown dramatically since the adoption of the first LLC statutes in the late 1970s. If you’ve opted to run your business as LLC, it’s probably because you recognize that this form of entity combines the limited legal liability protection of a corporation with…Read more
What Happens If My Bankruptcy Discharge Is Revoked?
When you entrust your bankruptcy case to us, you can be sure that we will use our many years of experience in Colorado bankruptcies to get you the best possible outcome. We will take the time to explain each step in the process and its significance. But when you file for bankruptcy protection, you agree…Read more
Can I File Bankruptcy While I’m In Jail?
I recently had the experience of helping a client who was incarcerated when we filed his case, and I thought I would share some of the issues that we had to deal with. Hopefully, this will help anyone who is facing the same situation trying to get their financial affairs in order while they serve…Read more
Can I Rent A Home Or Apartment After I File Bankruptcy?
I am often asked by people who are considering filing bankruptcy what the downsides to filing are. After helping hundreds of clients recover from financial difficulties, frankly, I haven’t seen very few. The people I have helped have been able to recover from overwhelming debt, stop garnishments and harassing debt collectors, and been able to…Read more
Can I Sell My Home If I Am In A Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is also known as personal reorganization and involves repaying a portion of your debts over the course of a three to five year plan. Most people who file Chapter 13 do so because their income is too high to file Chapter 7, which requires you to be below the median income for…Read more
How Much Is My Chapter 13 Bankruptcy Payment Going To Be?
Chapter 13 bankruptcy requires filers to repay a portion of the debt they owe. There are a few reasons why someone would file Chapter 13 instead of Chapter 7. The first is that their income is too high to file Chapter 7. In order to file Chapter 7, your income must be below the median…Read more
What Is The Difference Between A “No Asset” And An “Asset” Chapter 7 Bankruptcy?
In broad terms, there are two types of Chapter 7 bankruptcy case: “asset” and “no asset”. Most Chapter 7 filers have no asset cases. What that means is their assets, i.e. personal belongings and real estate, are exempt (protected) under the bankruptcy rules. Practically speaking, in a no asset case there isn’t anything for the…Read more
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