Chapter 7 bankruptcy may seem intimidating, but as you can tell from the following infographic, the steps that go into successfully completing your case are pretty straightforward.
How Does a Bankruptcy Affect my Credit Score? If you've been doing a great job making payments on your debts, bankruptcy will have a significant impact on your credit score in the short term. However, by the time you start thinking seriously about bankruptcy you've probably either started missing payments or are on the verge of doing [...]
Your household income is an important element in determining whether you are eligible for a Chapter 7 Bankruptcy and calculating the payment amount and duration of a Chapter 13 Bankruptcy repayment plan. The bankruptcy means test compares your income to the median income for the same size household in the your state. If you make less than the median, you’re presumed to qualify for a Chapter 7 or you are eligible for a Chapter 13 plan that ends after 3 years of payments. If you make more than the median income, you may need to file a Chapter 13 which lasts 5 years. However, in some instances you may still be able to file a Chapter 7 Bankruptcy notwithstanding your above-median income, which is why you should always speak to an experienced bankruptcy lawyer to help you understand your options. The following chart is effective for bankruptcy cases filed after November 1, 2016. The median income changes periodically, and the current figures can always be found here. […]
High-volume Denver bankruptcy law firm Heupel Law has closed it doors. As of 7 March 2016,the website for Heupel Law, http://www.heupellaw.com, was offline. Before going offline, the website bore the following message: Heupel Law currently ceased operations as of February 28, 2016. At this time, it is unclear if and when the firm may reopen. Calling [...]
Under both federal and Colorado law, Social Security is exempt, or safe, from the vast majority of your creditors. For example, if you are sued by a credit card company and they get a judgment against you, they can’t garnish the Social Security directly from the U.S. Department of the Treasury. However, once those funds make it into your bank account, two common mistakes put them at risk of being frozen, requiring a fight to get them back, or taken outright. […]
Why You Must List All Your Assets in Your Bankruptcy – Dance Moms Star Abby Lee Miller Indicted on Charges of Bankruptcy Fraud
"If I don't list it, how will the court know about it?" This is a common question I receive when I tell prospective clients that they need to list all their assets in a bankruptcy. The answer I generally give is "I don't know how the court will find out, but if you hide it and [...]
When planning for retirement, you may be focused on saving up the money you'll need to live comfortably after you've left the workforce. And when planning your will and trust, the primary focus is probably making sure that your loved ones are well taken care of by passing down as much of your property possible. Surprisingly, bankruptcy can help you achieve [...]
You’re checking out at the grocery store and the debit card is declined. That can’t be right, I just got paid yesterday, you think. You call your bank to find out what the problem is and they tell you that you’re overdrawn by $150 because a creditor has garnished your bank account. Many people who face this type of situation think that the money is lost. However if you act quickly, you may be able to recover some or all of those funds. […]
While there is only one bankruptcy court for Colorado, which is located in Denver, where you live plays a big part in your case. Not only does it determine whether you're eligible for a chapter 7 bankruptcy and dictate allowable expenses in a chapter 13 bankruptcy, but it also determines where your 341 Meeting of [...]
The Bankruptcy Court is increasing the fees for filing certain cases and documents on June 1st. Chapter 7 cases are increasing from $306 to $335, for example. For more information, see the original post at the Colorado Consumer Bankruptcy Association blog.