Articles Posted in Debt

Follow these simple tips to effectively deal with debt collectors in Colorado. 

Should I hire an attorney to file bankruptcy?

The Means Test Requirement for Chapter 7 Bankruptcy This  Chapter 7 Bankruptcy page sheds light on the intricacies of bankruptcy laws and proceedings, specifically focusing on the parameters of Chapter 7. Central to understanding this kind of bankruptcy is discussing the ‘means test,’ which is a determining factor for qualifying for Chapter 7. This test…

The difference between secured debt and unsecured debt. Secured Debt A secured debt is a debt that is backed by pledged collateral, a lien, a mortgage, or other instruments such as a properly recorded judgment. Clients often ask what is a secured debt. Think of it this way. When you purchased your home you pledged your home…

Are you currently dealing with serious debt in Colorado? You may be facing the frightening and very real prospect of your creditors gaining the right to garnish (or withdraw funds directly) from your bank accounts in order to settle your unpaid debts. These situations, also known as bank levies, result in a loss of control…

One of the best bankruptcy protections afforded a debtor from his or her creditors is the automatic stay. In what ways does the automatic stay stop creditor actions and when does it not protect the debtor? Debtor Protection Under the Automatic Stay Once the bankruptcy case is filed an automatic stay under 11 U.S.C. §362…

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…

There is a new garnishment law in Colorado. For many years wages have been exempt to some extent in Colorado. An exemption means it cannot be taken by the judgment creditor or the bankruptcy trustee. Wage exemptions are crucial for bankruptcy purposes because the Colorado state exemptions are the only bankruptcy exemptions a Colorado resident…

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…