Articles Posted in chapter 13

What every Colorado resident should do before walking into a bankruptcy courthouse — from a former U.S. Bankruptcy Trustee.

Understanding Colorado Bankruptcy Exemptions If you’re considering filing for bankruptcy in Colorado, understanding state-specific exemptions is crucial. These exemptions determine what property you can keep during Chapter 7 or Chapter 13 bankruptcy. Colorado opts out of federal exemptions, meaning residents must use the state’s generous protections for homes, vehicles, retirement accounts, and more. Attorney Martin…

Are you struggling with overwhelming debt in Denver, Colorado? Searching for a “Denver bankruptcy attorney near me” can be the first step toward regaining control of your financial future. Bankruptcy offers a legal path to relieve the burden of unmanageable debts, stop creditor harassment, and protect your assets. At Long & Long, our experienced bankruptcy…

Bankruptcy is one invaluable tool for the small business owner to help lower high costs by ending contracts without any threat of legal damages, or, at the very least a specific formula to determine with certainty what those costs will be. At the same time the small business owner may also re-negotiate with existing creditors to help lower their overhead costs.

It is not unusual that the spouse of a financially distressed person is unaware of the financial difficulty of the other spouse. Reasons may include one spouse controls the finances, one spouse runs a small business, or the couple keep their financial affairs separate. So, the question often arises how to talk to your spouse…

What are the effects of social security benefits in a bankruptcy proceeding? That depends on whether you are filing a Chapter 7 Bankruptcy or a Chapter 13 bankruptcy. Effects of Social Security Benefits in a Chapter 7 Bankruptcy In Colorado, and elsewhere, social security benefits are exempt in a bankruptcy proceeding. This means the Chapter…

The ability to keep your car or truck in bankruptcy is often a major consideration when filing a Chapter 7 or Chapter 13 bankruptcy. A dependable vehicle is often essential to keeping a job or getting the kids to school. Fortunately, in a Chapter 7 bankruptcy, you can almost always keep your car or truck…

Are you a farmer? If so, you may have the alternative to choose a Chapter 12 Bankruptcy for family farmers, instead of a Chapter 7, 11, or 13. A Chapter 12 generally allows the farmer to remain in possession and control of the farming operation. Who Qualifies as a Chapter 12 Family Farmer? Chapter 12…

Background Until now it has been extremely difficult to get rid of student loans in bankruptcy for most debtors. In most cases the debtor in bankruptcy must prove “undue hardship” on the debtor or the debtor’s dependents in the event the debt is not discharged. Most courts rely on the Brunner test to interpret undue…

Use of federal bankruptcy exemptions not permitted. See CRS § 13-54-107 Type of Property Amount of Exemption Homestead, mobile home, or manufactured home occupied as home by owner $75,000 or $105,000 if occupied by anelderly (60+) or disabled debtor or spouse Necessary wearing apparel $2,000 Watches, jewelry and articles of adornment $2,500 Personal library, family…