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Not All Bankruptcy Lawyers Are Created Equal

If you are going to file for bankruptcy you need a lawyer. Really. I am not just saying that because I am a bankruptcy attorney. I say that after watching case after case at the Meeting of Creditors where pro se filers (that means people who filed without an attorney) lose property they could have kept if they had had good legal advice while planning their bankruptcy. Continue reading Not All Bankruptcy Lawyers Are Created Equal

Americans Hit Debt Ceiling of Their Own – Infographic

The Median American Family Never Pays Off Their Credit Cards, Says Colorado Bankruptcy Attorneys Wink and Wink

Denver, CO – Citing data from their American family debt infographic, Colorado bankruptcy attorneys Wink and Wink report that the median American family never pays off their credit cards. Wink and Wink have found that the median American family has carried at least $4,300 in credit card debt for more than 20 years, effectively never paying off their credit card debt. Continue reading Americans Hit Debt Ceiling of Their Own – Infographic

Bankruptcy and Divorce

Seeing as financial problems are the number one cause of divorce in the U.S., bankruptcy and divorce often go hand-in-hand. Unfortunately, each one complicates the other. Understanding now bankruptcy laws affect a divorce and divorce-related debt depends on where you are in the process. Different considerations apply depending on whether you are considering divorce, have already started the process or if you have final orders in the divorce action. Continue reading Bankruptcy and Divorce

The Truth About Short Sales

Short sales have gotten a lot of press in this financial crisis and many think they offer a way out from under their mortgage debt and underwater properties. However, the reality is the short sales offer no benefit, none, to all but a very few. For the financially distressed, those who have debt in addition to their mortgage, short sales are simply a way for real estate agents to make a commission on the property while robbing you of any possible financial benefit to letting go of a house you can no longer afford. Continue reading The Truth About Short Sales

To Reaffirm or Not to Reaffirm: That is the Question

Reaffirmation agreements are a special feature of Chapter 7 bankruptcy. They give your creditors a chance to get you back on the hook for debt you would have otherwise discharged in the bankruptcy by allowing you to reaffirm, or re-sign, liability for a specific debt.  Because of this, reaffirmation agreements are to be avoided like the plague unless there is a very good reason to enter into one. Continue reading To Reaffirm or Not to Reaffirm: That is the Question

Mike Wink Interview With Tom Martino: Martino Calls Mortgage Mods A Scam!

Mike (aka “He Said”) Wink was on the Tom Martino Show recently to discuss the ways that bankruptcy can help homeowners. During their discussion, Tom Martino, Colorado’s best-known consumer advocate, “The Troubleshooter” makes a bold statement, calling out mortgage modifications as a scam. Continue reading Mike Wink Interview With Tom Martino: Martino Calls Mortgage Mods A Scam!

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