In a Chapter 7 case, you can keep all property that the law says is “exempt” from the claims of creditors Colorado Exemptions: $1,500 – Wearing Apparel ( $3,000 for a married couple) $1,500 – Personal Books, family photos ( $3,000 for a married couple) $2,000 – Jewelry & Watches ( $4,000 for a married …
Category Archive: Bankruptcy
Feb
10
Are you afraid to file bankruptcy?
People are often afraid to file for bankruptcy, they worry that they will be left without possessions. People who really worry will even try to gift away property in order to keep it out of the trustee’s possession. They will start giving things away without talking to an attorney first. Don’t do That! Colorado has …
Jan
20
Bankruptcy and the Economy: What does “exempt” mean
Can you imagine filing bankruptcy and losing everything? Thank goodness there are certain exemptions; otherwise we would all be living under bridges with nothing but the shirts on our backs. So what does “exempt” mean when filing bankruptcy? A debtor is allowed to keep certain items, like household goods and personal items, and in some …
Jan
13
My lender is making it hard to pay!
My lender is making it hard to pay! Trust me we know and hear it all the time! You may have tried every way to avoid it, but you finally decided that you had no choice and you file bankruptcy. You may be thinking that you want to continue to pay some creditors, like your …
Jan
13
Bankruptcy: A Time Line
There is a certain amount of urgency when filing bankruptcy because of the importance of when things get submitted and processed. At the time of a bankruptcy filing, the courts are looking at the financial situation of a client at that point. Required documents include those prior to the date of filing, in addition to …
Nov
12
Do Bankruptcy Laws Vary By State?
Do Bankruptcy laws vary by state?? Simply stated, no. Bankruptcy is a federal law, so no matter what state you file in, the laws are the same. The only thing that changes are your exemptions. Of course you have to live in the state in the past two years for that state’s exemption to apply …
Nov
12
The Good, The Bad, and The Ugly…
The Good, the bad and the ugly as it pertains to bankruptcy… As we all know, there are several side effects to bankruptcy, some good, and some ugly. Here are all the possible side effects I can think of. Let’s start with the bad and the ugly since that’s what people think of. The good: …
Sep
07
What is the Means Test?
This is an explanation of the means test, as pulled from Wikipedia. ”Means testing “refers generally to the eligibility for relief for debtors who have sufficient financial means to pay a portion of their debts.” The means test is perhaps best recognized in the United States as the test used by courts to determine eligibility …
Aug
22
Are Your Finances In Order?
Are your finances in order?? Many Americans out there have no idea how much they are spending on a monthly basis. Many live month to month and some wonder why they are going down the financial spiral. It’s because there is no budget in place. Most people have no clue, or are too busy to …
Aug
22
Bankruptcy is a Complicated Thing.
Bankruptcy….is a complicated thing! There are many misconceptions about bankruptcy. Why are there so many, you ask. It’s because the verbiage of all the laws written by the Federal Government. They make it sound complicated, and you may feel that you are looked down upon. This is not the case. No one wants to come …