Articles Posted in Bankruptcy

Bankruptcy exemptions are key considerations in both Chapter 7 and Chapter 13 cases. These exemptions allow you to keep a certain amount of your assets protected from your creditors. These exemptions can only protect certain types of property, such as a motor vehicle. Your attorney needs to analyze the available exemptions for the applicable state.…

Chapter 13 bankruptcy might be a great option for you to restructure your debt and secure the financial relief you need—if you are eligible for it. But how do you determine your eligibility to file for Chapter 13? Below is a general overview some key considerations of which you should be aware. Businesses Are Ineligible…

On May 15, 2017 the U.S. Supreme Court ruled in the case of Midland Funding, LLC v. Johnson, 581 U.S.____(2017), that debt collectors and purchasers are not in violation of federal law when pursuing debts during a Chapter 13 bankruptcy that they know to be beyond the statute of limitations. The 5-3 decision was a…

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…