Bankruptcy Blog

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)…

What happens when someone transfers assets prior to filing bankruptcy? In prior articles we explored transfers within 90 days, two years, and four years prior to filing bankruptcy. This article explores transfers to a self-settled trust within ten years before filing bankruptcy. Transfers to a Self-Settled Trust Within Ten Years of Filing a Chapter 7…

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 Colorado a homeowner is entitled to a $75,000 homestead exemption on the home he owns and occupies. If the homeowner or his or her spouse is 60 years of age or over, or disabled, the homestead exemption is $105,000. So, how does the homestead exemption protect your home when you file bankruptcy? Basically, it…

CHAPTER 7 BANKRUPTCY TIMELINE A Chapter 7 bankruptcy timeline typically consists of a series of important events or steps taken before and after filing the case. A timeline of those events are: STEP 1. Credit Reports – Obtain free credit reports at www.annualcreditreport.com. STEP 2. Creditor Listing/ Financial Inf o – Gather your bills and…

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…

If you are about to file for bankruptcy in Denver, the actions you take or omit can greatly impact the outcome of your case. By preparing for what lies ahead, you may be able to save yourself from dismissal of your case or your discharge being denied. Some points to keep in mind Here are…