Articles Posted in Chapter 13 Bankruptcy

The Impact of Bankruptcy on Your Credit Score Bankruptcy is a significant financial event that can affect your credit score. It is essential to understand how bankruptcy affects your credit score, as this score plays a crucial role in your ability to secure loans, obtain favorable interest rates, and even rent an apartment or get…

It is not unusual that the spouse of a financially distressed person is unaware of the financial difficulty of the other spouse. Reasons may include one spouse controls the finances, one spouse runs a small business, or the couple keep their financial affairs separate. So, the question often arises how to talk to your spouse…

Can you file a new bankruptcy if you filed a prior bankruptcy? The better question is, if you previously filed bankruptcy, how long do you have to wait to file a new bankruptcy in order to obtain a discharge of new debt? Usually, it is pointless to file bankruptcy if you are not going to…

The ability to keep your car or truck in bankruptcy is often a major consideration when filing a Chapter 7 or Chapter 13 bankruptcy. A dependable vehicle is often essential to keeping a job or getting the kids to school. Fortunately, in a Chapter 7 bankruptcy, you can almost always keep your car or truck…

The question often arises to what extent are divorce debts discharged in bankruptcy?A divorce often generates several different types of debts to a divorced person considering filing for bankruptcy. Chief among them are: Domestic Support Obligations The Bankruptcy Code exceptions to discharge of divorce debts are divided into two categories. One category is domestic support…

How long after bankruptcy to qualify for a home mortgage? People are often concerned whether they will be able to purchase a home or qualify for a home loan after bankruptcy.The answer is not as long as you might think. It usually depends if the bankruptcy was a Chapter 7 liquidation or Chapter 13 payment…

Background Until now it has been extremely difficult to get rid of student loans in bankruptcy for most debtors. In most cases the debtor in bankruptcy must prove “undue hardship” on the debtor or the debtor’s dependents in the event the debt is not discharged. Most courts rely on the Brunner test to interpret undue…

Use of federal bankruptcy exemptions not permitted. See CRS § 13-54-107 Type of Property Amount of Exemption Homestead, mobile home, or manufactured home occupied as home by owner $75,000 or $105,000 if occupied by anelderly (60+) or disabled debtor or spouse Necessary wearing apparel $2,000 Watches, jewelry and articles of adornment $2,500 Personal library, family…

This blog discusses a debtor who wishes to reopen a closed bankruptcy case in order to amend schedules. Reopening Bankruptcy Cases to Claim Personal Injury Exemptions The 10 th Circuit Bankruptcy Appellate Panel recently considered when debtors could reopen closed cases in order to amend their schedules. See In re Mendoza, 595 B.R. 849 (B.A.P.…

How much time must elapse from a prior bankruptcy before filing a new bankruptcy? It depends on the prior bankruptcy chapter that was filed and the bankruptcy chapter one wishes to now file. Debtor Wishes to File a Chapter 7 Bankruptcy Under the United States Bankruptcy Code, the debtor must wait more than eight (8)…