Articles Posted in Bankruptcy

Divorce is costly. Not only are legal fees for divorce high, but the lack of joint income after divorce may propel one or both spouses into financial instability. If your ex files for bankruptcy, and you have taken out joint debts in the past, you may be 100% liable for those debts if your ex…

Generally, in a Chapter 7 Bankruptcy , the debtor’s debts are discharged and his non-exempt assets, if any, are liquidated to pay the creditors. However, it is not true that you need to give up all of your property once you file bankruptcy. Colorado law allows exemptions that provide the debtor with sufficient stability to…

After a debtor files for and successfully completes a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, he receives a discharge from the court, which relieves him of all personal liability on debts, including both unsecured and secured debts. Entering into a reaffirmation agreement with a creditor essentially gives up the discharge and reaffirms one’s…

Before Filing If you are considering filing for bankruptcy there are some key points that should be evaluated first. For instance, what is the status of your financial situation? Some questions to consider are: Depending on your answers and your available assets, then bankruptcy may be an avenue to pursue in order to try and…

This is one of the most common questions clients ask us. If most of the debt in question was incurred by the spouse filing bankruptcy and not joint debt, the filing will have minimal effect on the non-filing spouse. Here are a few important factors to consider: 1. Income An individual or a couple will…

Chapter 7 bankruptcy generally provides for complete liquidation of the debtor’s non-exempt assets. Chapter 7 This involves the bankruptcy trustee selling all of the debtor’s assets, subject to certain statutory exemptions, and paying the creditors with the liquidation proceeds. In most cases the trustee will not open up an asset case unless the non-exempt amounts total…

When you file for protection under the Bankruptcy Code you must attend at least one hearing, perhaps more, depending on various factors specific to your case. Certainly you are entitled to attend any and all hearings that are called for your case, although not all motions or hearings require the attendance of the debtor. Depending…

To directly answer the question, student loans can be discharged in bankruptcy. This topic came arose in the news last year, when the Department of Education released an official policy position on July 7, 2015 when it stated that it would not oppose the discharge of government backed student loans in bankruptcy proceedings if the…

It is a common thing for family members to help out other family members with their finances or with larger ticket items, such as a house, a car, large appliances, et cetera. So it is also natural for some of them to inquire as to why you and/or your spouse are in the process of…

If you own a small business you know that there are many considerations and challenges to keeping your business afloat and your revenue flowing into your company. In addition to the necessity to keep the revenue flowing, the small business owner must do their best to keep keep both their fixed and variable costs low.…