If you are the do-it-yourself type, you might be tempted to file your bankruptcy petition on your own after you hire a petition preparer.  You will certainly save money going this way, but there may be hidden costs and risks that will only appear once you have filed your case. The Bankruptcy Code is very…Read more

The Colorado Life Insurance Exemption For Bankruptcy When your attorney files your bankruptcy petition, all of your assets will create a bankruptcy estate.  Assets in the bankruptcy estate are either exempt or nonexempt.  If an asset is exempt, that means that it is protected from sale by the bankruptcy trustee.  He or she can not…Read more

Section 547(b)(4)(B) of the Bankruptcy Code that the trustee may “avoid” (meaning reverse or void) any transfers made to any insider within a year from filing the bankruptcy petition. Under the Bankruptcy Code, family members are insiders.  This provision is especially important if you have been paying back a loan from a family member.  You…Read more

Chief Bankruptcy Judge Howard Tallman issued the below order this week that, in the event of a governmental shutdown, the District of Colorado Bankruptcy Court will continue operations.   [gview file=http://www.cob.uscourts.gov/orders/AdmOrdCJ2011-2.pdf]

If a creditor has gotten judgment against you before you file bankruptcy, it’s possible that he may also have a judgment lien.  In Colorado, in order to do so creditor must file a transcript of judgment with a county clerk and recorder in whichever county you reside and possibly any county in which you own…Read more

Section 101(3) of the Bankruptcy Code defines an assisted person as “any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $175,750.”  Under the Bankruptcy Code, the dollar amount will change from time to time. The term “assisted person” comes into play when defining what a…Read more