Articles Posted in Bankruptcy

Unmarried Couples, Partnerships, and Corporations Must File Separate Petitions If you are an individual and have a business entity, such as an LLC or a partnership, you cannot file a single petition for yourself and that business. In such a case you will note your interest in your company in your individual filing, e.g., John…

The short answer to this question is “yes,” but not easily. There are two ways in which a company can be forced into bankruptcy: 1. “Forced” but technically voluntary bankruptcy: The first situation occurs when a company files a voluntary bankruptcy petition under Chapter 7 or Chapter 11 of the U.S. Bankruptcy Code in response…

Bankruptcy Basics An individual may file under Chapter 7, Chapter 11, or Chapter 13 of the bankruptcy code. An individual (debtor) files a petition in bankruptcy court under one of the bankruptcy code chapters and the case is then administered under the supervision of a bankruptcy judge. As a practical matter, most cases are delegated…

As a Bankruptcy Attorney, I occasionally have clients ask, “Can I change from one chapter to another under the bankruptcy code? And if so, which chapter should I file under?” The short answer is: Yes . You may convert from a Chapter 7 to a Chapter 13, and vice-versa, with certain restrictions and limitations. A…

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…