Articles Posted in Bankruptcy

What happens when someone transfers assets prior to filing bankruptcy? This article explores fraudulent transfers that take place within four years before filing bankruptcy. In prior articles we explored transfers within two years prior to filing bankruptcy. In a subsequent blog we will explore transfers to a self-settled trust within ten years of filing bankruptcy.…

What happens when a debtor does a transfer of assets prior to bankruptcy? This article explores fraudulent transfers that take place within two years before filing. In a prior article we explored preferential transfers prior to filing bankruptcy. In subsequent articles we will explore other fraudulent transfers prior to filing. Transfers or Obligations Incurred Within…

In bankruptcy you can often avoid a judgment lien on your home. Typically liens on your home are of two types: consensual, agreed to, or nonconsensual, not agreed to. Most liens are consensual, in other words the lien was agreed and consented to, e.g. a mortgage on the home. Consensual liens are generally not avoidable,…

You can keep your car in both a Chapter 7 bankruptcy and a Chapter 13 bankruptcy provided you meet certain criteria. In a Chapter 7 bankruptcy you first look to see if the vehicle is an exempt asset. Colorado currently provides a motor vehicle exemption of $7,500. The exemption is $12,500 if you or a…

When a Chapter 7 bankruptcy is filed and a discharge is entered, and so long as the debtor did not sign a reaffirmation agreement, the lender’s only recourse in the event of a missed payment is to recover the collateral. The Chapter 7 Bankruptcy discharge precludes the lender from holding the borrower personally liable on…

Bankruptcy is a great way to discharge a significant amount of unsecured debt. However, it can also negatively impact your credit score. Remember, your credit rating is what helps you obtain a loan for a new home, car, or apartment. Fortunately, if your credit score was lowered as a result of bankruptcy, there is a…

Failure to consult with an experienced bankruptcy attorney prior to filing for bankruptcy can result in costly mistakes. In fact, certain actions you take can cause serious problems for your case and may even be against the law. Complying With the Bankruptcy Code If you plan on filing for Chapter 7 or Chapter 13 bankruptcy…

I often have clients voice concern over obtaining credit cards after filing for bankruptcy. While it is true that bankruptcy can help you discharge your debt, it can also affect your credit. Surprisingly, in many cases your credit score will improve after filing bankruptcy. Why? Think about it from a lender’s perspective. You discharged debt…

Having trouble keeping up with mortgage payments? Experiencing a financial hardship? Consult with a bankruptcy lawyer immediately. Depending on your situation, bankruptcy may be your best option. If you anticipate your home being foreclosed on, you can use your bankruptcy application to stop the action. What Is a Foreclosure? When a homeowner fails to make…

GenOn, a subsidiary of NRG Energy Inc., filed for bankruptcy Wednesday, June 14 after reaching an agreement with its bondholders to eliminate $1.75 billion of its debt and restructure itself as a standalone company. A securities filing , made after the company reached a debt structuring agreement in May, revealed information regarding GenOn’s bankruptcy filing…