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Bankruptcy Is Not One-Size-Fits-All

I have had a number of free consultations lately where the person I am giving debt relief advice to says something along the lines of “I thought I could just file bankruptcy and wipe out my debts.” This comes after they learn that they are not an “easy” Chapter 7 bankruptcy, usually because their income is too high to qualify or they have some non-exempt property that complicates the issue. I am going to explain here what I explain to them: bankruptcy is not one-size-fits-all. Continue reading Bankruptcy Is Not One-Size-Fits-All

Good News: Colorado Has New Bankruptcy Exemptions

Bankruptcy exemptions are the means by which people who file bankruptcy keep their belongings. Each state has their own set of exemptions (and there are even Federal exemptions that can be used in some circumstances) for bankruptcy filers to use. Colorado’s exemptions are used by any resident of Colorado who files for consumer bankruptcy (Chapters 7 and 13). In Colorado, these exemptions are found in C.R.S. § 13-54-101 and C.R.S. § 13-54-102. Continue reading Good News: Colorado Has New Bankruptcy Exemptions

The Truth About Pay Day Loans

In my time as a consumer bankruptcy attorney in Colorado, I have heard many stories of bad creditor behavior: threats, lies and bad attitudes. But nothing compares to the stories I hear about pay day loan lenders. In my experience, they are the most unsavory, untrustworthy, terrible people to owe money to and the lies they tell always include the threat of criminal prosecution. So, what is the truth? Can they throw you in jail? Well, here is what you need to know if you have pay day loans. Continue reading The Truth About Pay Day Loans

What You Need to Know About Debt Relief Options: Consolidation, Settlement and Bankruptcy

When exploring debt relief options, the biggest mistake many people make is not looking at all options. In order to avoid this mistake, I suggest you set aside any preconceived notions and seek objective advice from a debt relief professional who is understands all forms of debt relief, from bankruptcy to debt settlement and everything in between. Continue reading What You Need to Know About Debt Relief Options: Consolidation, Settlement and Bankruptcy

Common Misconceptions About Bankruptcy

Every so often, life can throw you a curve ball. In recent years the economy has thrown a huge curve ball in the lives of many Americans. It is becoming more frequent for people to live paycheck to paycheck; making it increasingly difficult to make ends meet. As such many American families are finding themselves drowning in debt. For many, bankruptcy is the only answer to their financial problems. However, filing for bankruptcy can be time consuming and a bit confusing for the average person. Below is a list of the most common misconceptions about Colorado bankruptcy. Continue reading Common Misconceptions About Bankruptcy

Asset Planning While in Debt – Don’t Just Take Your CPA’s Word

Asset planners such as CPA’s can be a great resource for avoiding tax liability or using trusts to avoid probate. However, such asset managers are often unfamiliar with bankruptcy laws, mainly bankruptcy exemptions, and their laser-like focus on short term gains and tax avoidance can cost you big time if you find yourself in need of bankruptcy protection.

Because of this potential blind spot, it is imperative to consider how asset planning moves will affect you in a potential bankruptcy case. This is because transfers of business and personal property are heavily scrutinized by the bankruptcy court, and many moves that look like a good idea to your CPA can actually cause you to lose the benefit of the bankruptcy exemptions, and worse. Continue reading Asset Planning While in Debt – Don’t Just Take Your CPA’s Word

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

Giving Away Property Prior to Bankruptcy: You’re Buying Trouble

If you’re struggling to pay your debt and your creditors are closing in on you, you may be tempted to give money or property to friends or family in hopes of keeping it away from your creditors. As a bankruptcy lawyer, I have some words of advice for you: DON’T DO IT! These transactions are generally considered fraudulent both in and out of bankruptcy court. Worse, these moves can taint your entire case, enticing judges to throw the book at you!! Continue reading Giving Away Property Prior to Bankruptcy: You’re Buying Trouble