The United States Bankruptcy Code (Title 11 of the U.S. Code) generally allows a debtor to receive a discharge of his or her debts, thereby providing an individual a financial fresh start. However, in certain cases, a debtor will be refused a discharge of a debt. One way a discharge will be denied is if…Read more
What Will the Trustee Ask Me at the Meeting of Creditors?
The meeting of creditors (or 341 meeting), is usually the only time a debtor will have to appear in bankruptcy court. In the Colorado bankruptcy courthouse, these meetings are held in two rooms on the first floor of the bankruptcy court. Judges are prohibited from attending the meeting. While this is a chance for creditors…Read more
What is a Fraudulent Transfer in Bankruptcy?
While many of my clients have few assets when they file their bankruptcy, from time to time, I have a client who owns some property that would be considered non-exempt by the bankruptcy rules. When that happens, I discuss my client’s options, which can include some pre-bankruptcy planning. One common practice is to sell certain…Read more
Can I Keep My Cell Phone Contract If I File Bankruptcy?
What Happens To Your Cell Phone When You File Bankruptcy? At the end of every initial consultation, I hand my clients what I call their “homework”. It is a 15-page questionnaire that asks them to list every debt, bill, asset, piece of property, transfer of property, they own. When they come back for their next…Read more
What is Redemption in Chapter 7 Bankruptcy?
If you own secured property, that is you have promised collateral against a loan, when you file Chapter 7, you must include a Statement of Intention with your bankruptcy petition telling your creditors what you intend to do with the property. You must choose one of three options: surrender the property, reaffirm the debt, or…Read more
When You Need a Bankruptcy Attorney
I have a secret: not everyone needs a bankruptcy lawyer. If you have nothing but credit card debts, live alone, don’t own any property of significant value, and are willing to wade through the rules and forms necessary to file a Chapter 7 bankruptcy petition, then you can probably tackle the bankruptcy process on your…Read more
Should I Use a Credit Repair Company?
Yesterday, I had a consultation with a potential client. She had racked up about $50,000 in unsecured debt and could no longer pay her bills. Given her financial situation, I told her that I thought that bankruptcy was a good option for her, and I look forward to helping her through the bankruptcy process. But…Read more
What Happens If I File Bankruptcy After Someone Has Gotten Judgment Against Me?
Filing Bankruptcy After Someone Gets Judgment Sometimes, I’ll get a client who can read the writing on the wall. She realizes that very soon she won’t be able to pay her bills. Instead of putting her head in the sand, she decides to short circuit collection efforts against her and file bankruptcy. While bankruptcy should…Read more
When Should I File Bankruptcy?
When a potential client comes into my office, my objective is to get a complete picture of their financial situation and give them my opinion about what their best option is. Sometimes bankruptcy isn’t something I recommend. If a potential client tells me any of the following things are happening, I tell them I think…Read more
When is Bankruptcy a Bad Idea?
I never meet with a potential client with the objective of trying to get him or her to pay me to help with their bankruptcy. My main objective during an initial consultation is to find out if bankruptcy is the best option to take care of their financial problems. Sometimes it isn’t, and I don’t…Read more
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