Most Chapter 7 bankruptcies in Colorado are filed as “no asset” cases. What that means is that there is no property in the estate that can be liquidated for distribution to creditors. In the event there is estate property which can be distributed, the Section 726(a) of Bankruptcy Code provides the sequence by which creditors…Read more
What Happens if I Move During My Bankruptcy?
If you move during your bankruptcy, it is important that you tell your attorney as soon as possible. Bankruptcy Rule of Procedure 4002(a)(5) requires your attorney to, “file a statement of any change of the debtor’s address.” If you fail to tell your attorney, you might miss important communications from your attorney or the bankruptcy…Read more
How Soon Does a Reaffirmation Agreement Have to be Filed with the Bankruptcy Court?
If you have decided to reaffirm any of your debts in bankruptcy, you must ensure that the reaffirmation agreement gets filed on time. Under Bankruptcy Rule 4008(a), a reaffirmation agreement, shall be filed no later than 60 days after the first date set for the meeting of creditors under § 341(a) of the Code. The…Read more
And the Foreclosure Crisis Just Keeps Coming…
I’m no soothsayer, but one thing you can be reasonably sure of is that the foreclosure crisis will continue to reveal itself in 2011 (holy smokes! 2011???). The Washington Post has an article about one of the “villains” in this story: Mortgage Electronic Registration Systems (“MERS”). MERS is a system which was supposed to make…Read more
What Happens if a Debtor Dies in the Middle of a Bankruptcy Case?
If a debtor passes away before his bankruptcy case is discharged, what happens next depends on whether he filed a Chapter 7 or Chapter 13 case. Bankruptcy Rule 1016 provides, Death or incompetency of the debtor shall not abate a liquidation case under chapter 7 of the Code. In such event the estate shall be…Read more
What Are Priority Debts in Bankruptcy?
When your attorney prepares bankruptcy petition, he will have to divide your debts into three different categories: secured debts, unsecured debts, and unsecured priority debts. Unsecured priority debts are generally non-dischargeable and will not be eliminated by bankruptcy. Examples of unsecured priority debts for consumers are domestic support obligations (e.g. child support, alimony), taxes, loans…Read more
What is Medical Bankruptcy?
Denver, Colorado Medical Bankruptcy Attorneys I get a lot of calls from people who want to know how they can file, “medical bankruptcy“. Bankruptcy is the most powerful tool there is to eliminate overwhelming medical debt, but there’s one thing you should know. You can’t file bankruptcy just to get rid of medical debt. You…Read more
What Happens if I File My Bankruptcy in the Wrong Bankruptcy District?
Fortunately for debtors filing bankruptcy in Colorado, there is only one bankruptcy court district. That makes figuring out which district to file in quite a bit easier than for folks in states like California or New York. Nevertheless, if a debtor files in Colorado before he or she has lived in this state long enough,…Read more
What You Don’t Know Can Hurt You – How Medical Debt Can Force You Into Bankruptcy
I can not emphasize enough the importance of regularly checking your credit report. Take a look at AnnualCreditReport.com to find out how you can get a free report from each of the three consumer credit reporting agencies. The Wall Street Journal has a story that is just another reminder why keeping on top of your…Read more
Is My Bankruptcy a Public Record?
If I had my way, bankruptcy would not have the stigma it has. It is a great tool for people who are trying to keep their head above water and are ready to make real changes to get a new financial start. The second you file bankruptcy can be the beginning of a new life…Read more
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