Chapter 7 Bankruptcy Timeline

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.

By |Bankruptcy, Chapter 7 Bankruptcy, Uncategorized|Comments Off on Chapter 7 Bankruptcy Timeline

Bank Account Garnished? Here’s What To Do Now

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. […]

By |Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt Management|Comments Off on Bank Account Garnished? Here’s What To Do Now

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 than it’s worth, your interest rates are too high, or if it needs more work than you can afford to put into it, you might be better off letting it go in the bankruptcy and buying again in a few years. In Colorado, almost everyone who wants to keep their home and decides that it makes sense to do so is able to. […]

By |Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Foreclosure, Secured Debts, Uncategorized|Comments Off on Can I Keep my House if I File Chapter 7 Bankruptcy in Colorado?

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 owe far more on it than it’s worth, your interest rates are too high, or if it’s a lemon, you might be better off letting it go in the bankruptcy and replacing it. […]

By |Bankruptcy, Debt Management, Reaffirmation Agreements, Secured Debts|Comments Off on Can I Keep my Car if I File Chapter 7 Bankruptcy in Colorado?

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 likely to make the worst mistake you can commit at this time -sticking your head in the sand and hoping it will go away on its own. The Summons and Complaint For most people, the lawsuit process begins when you are served with a summons and complaint. The summons contains basic information about the administrative aspects of the suit including the court when the case was filed and some basic instructions. Probably the most important piece of information on the summons is the return date, or the date on which your creditor will win a judgment against you if you don’t take any action. The complaint sets out the basic argument against you and normally states the reason you’re being sued, the amount you’re being sued for, and the identity of the original creditor if the party suing you is a debt collector. […]

By |Bankruptcy, Debt Management|Comments Off on I’ve Been Sued by a Debt Collector – What Should I Do?

How to Choose a Bankruptcy Attorney

With the phonebook filled with page after page of lawyers, how do you choose the best one for you? The first question asked by many people considering filing bankruptcy is whether they even need an attorney. While a complete answer to this question is beyond the scope of this entry, The Administrative Office of the United States Courts offers the following guidance: “While individuals can file a bankruptcy case without an attorney or “pro se,” it is extremely difficult to do it successfully. It is very important that a bankruptcy case be filed and handled correctly. The rules are very technical, and a misstep may affect a debtor’s rights. For example, a debtor whose case is dismissed for failure to file a required document, such as a credit counseling certificate, may lose the right to file another case or lose protections in a later case, including the benefit of the automatic stay. Bankruptcy has long-term financial and legal consequences – hiring a competent attorney is strongly recommended.” Once you’ve determined that you want the help of an attorney, keep in mind the following points when selecting a lawyer to help you through this process: […]

By |Bankruptcy|Comments Off on How to Choose a Bankruptcy Attorney

Bankruptcy and Your Credit Report – Frequently Asked Questions

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 [...]

By |Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy|Comments Off on Bankruptcy and Your Credit Report – Frequently Asked Questions

Bankruptcy Means Test Median Income by State – After Nov 1, 2016

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. […]

By |Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy|Comments Off on Bankruptcy Means Test Median Income by State – After Nov 1, 2016

Heupel Law Closed, Website Down

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 [...]

By |Bankruptcy|Comments Off on Heupel Law Closed, Website Down

Two Common Mistakes That Put Your Social Security at Risk

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. […]

By |Chapter 13 Bankruptcy, Chapter 7 Bankruptcy|Comments Off on Two Common Mistakes That Put Your Social Security at Risk

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 [...]

By |Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy|Comments Off on Why You Must List All Your Assets in Your Bankruptcy – Dance Moms Star Abby Lee Miller Indicted on Charges of Bankruptcy Fraud

Bankruptcy, Retirement, and Estate Planning

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 [...]

By |Chapter 13 Bankruptcy, Chapter 7 Bankruptcy|Comments Off on Bankruptcy, Retirement, and Estate Planning

Bankruptcy § 341 Meeting of Creditors Locations By County

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 [...]

By |341 Meeting, Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy|Comments Off on Bankruptcy § 341 Meeting of Creditors Locations By County

Bankruptcy Court Filing Fees Increasing

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.

By |Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy|Comments Off on Bankruptcy Court Filing Fees Increasing
Load More Posts