Bankruptcy 341 Meeting of Creditors – What will the Trustee Ask?

Attorney Charles E. Longtine posted a useful article on the Colorado Consumer Bankruptcy Association’s blog about commonly asked questions at the 341 Meeting of Creditors.

The first few questions he lists are:

  • Have you previously filed bankruptcy? If so when?
  • Why are you filing bankruptcy?
  • Did you review the bankruptcy petition? Is the information correct?
  • Are there any corrections that need to be made?
  • Did you list all income, assets, and debts?

The questions pertain to both Chapter 7 bankruptcy and Chapter 13 bankruptcy. To see the rest of the list and some other useful information, see the original post here.

Divorce, Debt, and Bankruptcy – Why Your Divorce Isn’t As Effective At Protecting You From Debt As You Think

Contrary to popular belief, the financial bonds formed during a marriage can’t be broken just by filing for divorce. Three common misconceptions about divorce and debt are set out and corrected below to help you learn how to avoid letting your ex pull you down long after you’ve gone your separate ways.

Does a Foreclosure or Short Sale Affect my Credit Score More?

You have several different options for dealing with a home that’s worth less than what you owe on it, two of which are foreclosure and a short sale. One common justification that realtors give for pushing a short sale is that it’s better on your credit score. However, according to research by the authors of the FICO Banking Analytics Blog, that may not be the case.

Short sales are placed into two categories – those which result in a deficiency, and those that do not. A deficiency occurs when the lender does not agree to forgive the difference between what the home sells for in the short sale and what you owe on the debt. As is clear from the following chart, if your short sale leaves a deficiency it’s impact on your credit and your recovery is the same as a foreclosure.

Why you Shouldn’t Stop at Income in Determining Whether you Qualify for Chapter 7 Bankruptcy Under the Means Test

Do I make too much money to qualify for chapter 7 bankruptcy? In researching about filing for chapter 7 bankruptcy, you may have learned that you have to qualify under the bankruptcy means test. Additionally, you may have learned that the chapter 7 means test uses your income as a factor. You might have found…

The Bank is Foreclosing on my Home – What are my Rights in Colorado?

Once the foreclosure process has begun, the likelihood of successfully negotiating with your mortgage lender for a voluntary foreclosure alternative, such as a loan modification or short sale, is small.  As such, this post focuses on your rights in Colorado– the options you have which the lender must comply with. For more information on alternatives,…

Can I Keep my House if I File Chapter 7 Bankruptcy in Colorado?

In Colorado, whether you keep your home after filing a chapter 7 bankruptcy depends on three factors – do you want to keep it, are you current on the payments, and do you have any equity? First, you need to decide whether you want to keep the house. If you owe far more on it…

Can I Keep my Car if I File Chapter 7 Bankruptcy in Colorado?

 In Colorado, almost everyone who wants to keep their car after filing for chapter 7 bankruptcy is able to do so. Whether you keep it or not depends on the actions of three players: you, the bankruptcy trustee, and the lender. First, you need to decide whether you want to keep the car. If you…

Frequently Asked Questions about Debt Collection Lawsuits

• I don’t recognize the name of the company that’s suing me – Who are they? Many large creditors don’t bother attempting to sue you to collect what’s owed. They often sell or assign your debt to smaller organizations that only collect debts. In some instances companies try to collect debts that they have no…

I’ve Been Sued by a Debt Collector – What Should I Do?

Other than a few traffic tickets, a debt collection lawsuit is most people’s first experience with the legal system and it can be intimidating. This article is designed the give you an overview of the lawsuit process and potential outcomes with the expectation that as you better understand what lies ahead, you will be less…

I Owe More On My House Than It’s Worth – Six Tools For Dealing With An Underwater Mortgage

As a result of recent financial turmoil, many people who bought their homes expecting the value to go up have seen exactly the opposite. What are your options for getting out of a home that’s worth less than what you owe on it? My Home is Underwater – What do I do? When you owe…