In this appeal, the State Bank of Florence (“Bank”) appeals an order of the bankruptcy court denying its motion for relief from stay to continue a foreclosure action against Richard K. Miller (“Debtor”), and denying its objection to confirmation of the Debtor’s chapter 13 plan. The issues presented by this appeal are (1) whether the…Read more
Should I Lie to My Bankruptcy Attorney?
I was in a consultation the other day with a potential client. He had been unemployed for several months, so I asked him how he had been making ends meet. He told me that he had gotten a loan from a family member, but that he didn’t want to include it in the bankruptcy. I…Read more
What is Disposable Income in Chapter 13 Bankruptcy?
Chapter 13 bankruptcy allows you to reorganize your personal finances. If you have fallen behind on your mortgage, Chapter 13 bankruptcy allows you to catch up on your payments. Most importantly, Chapter 13 requires you to repay some, or all, of your creditors. How much you will have to pay back depends on what your…Read more
Three Things You Should Do After You File Bankruptcy
To me, bankruptcy is really a two-part financial recovery process. The first part, of course, is the bankruptcy itself. This is where you file your petition and all of your dischargeable debts get eliminated. The second part of the financial recovery process is changing your habits to avoid a second bankruptcy and to assure yourself…Read more
How Do I Calculate if I Can Strip My Second Mortgage in a Chapter 13 Bankruptcy?
If you’ve been reading about Chapter 13 bankruptcy, you know that only Chapter 13 allows you to “strip” your second mortgage. “Strip” is an unfortunate term that lawyers and judges use. In fact, the second mortgage doesn’t just go away. It will be converted into unsecured debt of which you will have to pay a…Read more
What Is The Effect Of A Bankruptcy Discharge?
Section 524(a) of the Bankruptcy Code is where you will find what the effect of a bankruptcy discharge is. It states: A discharge in a case under [the Bankruptcy Code]— (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…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
Can I Repay a Debt That Was Discharged in My Bankruptcy?
If you are thinking about bankruptcy, you have to include all of your debts. This includes loans to family members, unpaid bills to family doctors, and other sensitive debts. It isn’t hard to imagine that your relationship with these people could go south fast the moment they get notice of your filing. The good news…Read more
What Are Colorado Bankruptcy Exemptions?
One common misconception people have about bankruptcy is that they’ll lose their property. The fact is, most people will keep all of their property, including their car and home. The primary purpose of the Bankruptcy Code is to provide debtors with a new financial beginning. Taking all of their property would have the opposite effect.…Read more
Can I Amend My Statement of Intention in Bankruptcy?
When you file Chapter 7 bankruptcy you will have to think about what you want to do with any property that is securing a loan. One common example is a car loan. In the typical case, your car loan is secured by your car. If you default on the loan, the secured loan allows the…Read more
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