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Monthly Archives: August 2010

Stop the insanity – do not liquidate your 401K to pay off debt!!!!

A recent report from Fidelity brings to light a disturbing trend in our country: record numbers of people are making hardship withdrawals from their retirement accounts, and near record numbers of people are borrowing from these accounts. As your friendly neighborhood bankruptcy lawyer in Colorado, I see this trend happening every day and it both saddens and frustrates me. This is because early withdrawals from your retirement account take from your future while simultaneously enabling your creditors to reach funds they otherwise could not touch. Continue reading Stop the insanity – do not liquidate your 401K to pay off debt!!!!

Legal Protections for America’s Military: The Servicemembers’ Civil Relief Act

Hey all! This week’s post comes from NOLO. We believe it is very informative regarding the well-deserved rights of active service members against creditors. In addition to the rights listed below, the bankruptcy code exempts from means testing for Chapter 7 eligibility for both; i) disabled veterans whose indebtedness occurred primary during a period when they were on active duty or performing a homeland defense activity; and ii) members of the military reserves or National Guard for the period when they are on active duty or performing homeland defense activities, and for 540 days thereafter. These exemptions may enable higher income debtors to qualify for Chapter 7 if they were previously or are currently on active duty.

Active service members can take steps to reduce loan obligations, prevent court judgments, and avoid eviction and foreclosure. Continue reading Legal Protections for America’s Military: The Servicemembers’ Civil Relief Act