Bankruptcy Blog

Learn The Steps in a Chapter 7 Bankruptcy Remember to consult with a competent attorney at LONG & LONG P.C. throughout this process for a comprehensive understanding and smooth navigation of the bankruptcy process. Our law firm is well-versed in helping clients through these steps and can provide the necessary guidance. Call now at 303-832-2655!

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…

The Four Main Players in a Bankruptcy In every bankruptcy case there are at least four different players.    The law firm of Long & Long, P.C. have decades of combined experience in bankruptcy. Martin Long is a former Chapter 7 Trustee, ensuring that clients’ rights, property, and money is protected from creditors and others. Call Long…

Bankruptcy puts your family in a better financial position 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…

Bankruptcy can often help a small business 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 both…

A joint petition is when a married couple together files a single bankruptcy case.  Unless noted otherwise in the statutes, if a married couple files jointly in Colorado, each spouse may claim the full amount of each exemption. The favorable effect of this is that the couple can claim twice the amount of exemptions. Unmarried…

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 Recap of…

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…

Every few years a new study or survey comes out that reinforces what most bankruptcy attorneys can tell you at least anecdotally–medical bills are one of the most common reasons for bankruptcy. For example, an article in the August, 2009 edition of the New England Journal of Medicine found that “medical problems” contributed to approximately two-thirds of…

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…