Articles Posted in Bankruptcy

When you file for Chapter 7 bankruptcy, you might wonder what will happen to your potential tax refund. Whether you lose that refund depends mostly on when you file for bankruptcy. There are, however, some steps you can take to make sure your bankruptcy does not prevent you from receiving your tax refund. If you…

With the number of people who lose their homes to foreclosure each year, it might seem like an impossible task to get a modification to your mortgage loan. However, it is possible, and doing so could help you avoid turning to bankruptcy for relief, or can help you keep your home in a Chapter 7…

Colorado Means Test: Frequently Asked Questions Am I Eligible for Chapter 7 Bankruptcy Protection in Colorado Under The Means Test? If you are considering Chapter 7 bankruptcy protection in the state of Colorado, a threshold issue is whether you are subject to the median income test. If you are, the next issue is whether you…

How Will Bankruptcy in Colorado Affect Your Credit Score? If you are exploring your options with a bankruptcy in the state of Colorado, there are many things to consider when it comes to your credit score. Bankruptcy will initially have a negative impact if you have a solid credit score (650 and above) that includes…

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…