Articles Posted in Debt

The Colorado Fair Debt Collection Practices Act (CFDCPA) was reviewed as part of the sunset and sunrise review period by the Department of Regulatory Agency at the end of 2016. The Senate Judiciary Committee for Colorado has introduced a bill to implement many of the recommendations from the review. SB17-216, if passed, will include a…

It can be overwhelming to get calls and letters that state you owe more money than you can afford to pay. It’s certainly understandable to feel helpless and it may feel like you have run out of options as the bills mount. However, you do have rights that will allow you to slow the process…

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…

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…

Fraudulent Conveyances Generally A fraudulent conveyance is where a debtor unlawfully transfers assets to another person or entity, usually with the intent to hinder, delay, or outright prevent a creditor from collecting on that asset. It is best illustrated by a hypothetical example: Business A has had a tough couple of years due to the economy and…

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 as collateral to the mortgage lender. When you…