We’ve discussed elsewhere the question of what happens in bankruptcy when your home is “underwater”, that is, when the balance owed on a mortgage loan is greater than the value of the property. But what if your home has increased in value? If you have filed a Chapter 13 petition and your repayment plan has…Read more
When May A Third Party File For Bankruptcy On A Debtor’s Behalf?
That was the question facing the bankruptcy Court in Colorado in a recent case involving the debtor, who is an elderly widow, and her daughter. Because she suffers from advanced dementia, Jennie Maes neglected to make two monthly mortgage payments on her home. Her mortgage lender began foreclosure proceedings. On behalf of her mother,…Read more
Bankruptcy Trustee Fails In Bid To Recover Proceeds Of Colorado Home Sale
The Bankruptcy Code is written in a way that’s intended to treat all similar creditors class fairly when the debtor’s property is distributed. If a debtor gives a creditor a “preference”; that is, if he transfers property or money to an existing creditor before filing his petition, the bankruptcy trustee may be able to sue…Read more
Bankruptcy Court Holds That Emergency Medical Treatment Expenses Are Not “Consumer Debts”
A recent bankruptcy court decision out of Ohio is important in view of the possibly significant medical expenses incurred by some patients receiving emergency hospital care during the COVID-19 pandemic. In an apparent case of first impression, the court addressed the question of whether medical bills should always be treated as “consumer debts”, which the…Read more
What Happens To A Personal Injury Award In Chapter 13 Bankruptcy?
Colorado Bankruptcy Court Holds That Personal Injury Suit Proceeds May Be Includable In a Chapter 13 Debtor’s Disposable Income In the recently decided case of In re: Adamson, the Bankruptcy Court for Colorado considered for the first time whether a Chapter 13 debtor’s “disposable income” should include the potential proceeds of a personal injury claim.…Read more
How To Avoid Bankruptcy After COVID-19
I’ve put together some thoughts on steps you can take to deal with your finances and debts during this period of financial uncertainty and hopefully avoid bankruptcy altogether. If you have questions about whether or not bankruptcy might be a good option to help you deal with the aftermath of COVID-19, I’d be happy to…Read more
The COVID-19 Pandemic And How It Could Affect Prospective And Current Bankruptcy Filers
We have gotten a flurry of phone calls from people who are concerned about the impact of current health crisis on the financial well being. We will try our best to stay up to date on developments as they relate to financial recovery. On March 27, 2020, President Donald Trump signed into law the…Read more
Creditors’ Lien “Perfection” Requires Accuracy
If you operate a small business and have outstanding loans, you probably gave a creditor a mortgage lien on real estate assets of the business and, quite possibly, your personal residence as well. You may not recall, however, that you probably also gave one or more lenders a lien on non-real estate assets of the…Read more
What Not To Do If You Are Considering Business Bankruptcy
There are many reasons a small business may wish to file for bankruptcy protection. Economic downturns, natural disasters and many other events beyond an owner’s control may cause a small business to fall into insolvency. Other events – for example, a wrongful firing suit by a disgruntled employee – can be just as devastating financially…Read more
Forgiveness of Student Loans – A Possible Alternative to Bankruptcy?
The Student Loan Crisis Many would say that calling the current student loan situation in the United States a crisis is an understatement. In 2019, the total of outstanding student loans is approaching $1 trillion. To put that number in some perspective, it’s near twice the current mount of U.S. military spending. The average debt…Read more
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