The Colorado Homestead Exemption and Keeping Your Rental Property in Bankruptcy In Colorado Colorado uses its state law to determine what exemptions you can use in bankruptcy. Colorado has no exemption to protect any equity that you have in rental properties, and in order to use Colorado’s homestead exemption, you must live in the property.…Read more
Should I Transfer Credit Card Balances to Consolidate My Credit Card Debt?
Debtors Borrow Trouble When Trying to Hide Assets in Bankruptcy
The other day I wrote a post about whether or not the trustee would come to your house if you filed bankruptcy. The answer, generally speaking, is no. However, if the trustee gets the sense that you are not being truthful about your assets, she might send out an appraiser to verify that what you…Read more
Are Debt Settlement Offers Scams?
Can I Change My Mind After I File Chapter 13 Bankruptcy?
Section 1307(b) of the Bankruptcy Code allows a debtor to voluntarily dismiss a Chapter 13 bankruptcy, as long as the case was not converted from a Chapter 7 case. Section 1307(b) reads: On request of the debtor at any time, if the case has not been converted under section 706, 1112, or 1208 of this…Read more
Will the Trustee Come to My Home When I File Bankruptcy?
One of the factors in bankruptcy that causes my clients more anxiety than anything else is the trustee. What will she ask, they want to know. They also want to know if the trustee is going to show up at their home to look at their property. The simple answer is, no. The fact is,…Read more
Can I Change My Mind After I File My Chapter 7 Bankruptcy?
A Chapter 7 bankruptcy case may only be voluntarily dismissed after notice and hearing and only for cause. What this means is that creditors must be given an opportunity to object to your request to dismiss, and you must establish sufficient reason for dismissal. While there is no definition of what constitutes sufficient reason for…Read more
I Talked Someone Else Out of Bankruptcy Today
It happens all the time. Someone walks into my office convinced that bankruptcy is their only option and walks out with the kernel for a plan to get their finances under control. Take today, for instance. A gentleman came in for a consultation wanting me to file a Chapter 13 bankruptcy for him (as…Read more
Do I Really Need to File Bankruptcy if I Can Make the Minimum Payments on My Credit Cards?
One of the questions I get asked most often is whether or not I think, based on their level of debt, someone should file bankruptcy. This person may be struggling with the idea of filing bankruptcy and one of the arguments they use against filing is that they are currently able to make the minimum…Read more
Can I File Bankruptcy if I Do Not Live in the United States?
Section 109(a) of the Bankruptcy Code states: Notwithstanding any other provision of this section, only a person that resides or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under this title. What this means is that while you do not have to be…Read more
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