Adversary Proceeding An adversary proceeding is someone is skirmishing with someone else in the bankruptcy court. There are three parties in the bankruptcy court case who can file an adversary proceeding–bringing someone in front of a judge to explain their actions in a hearing or a trial. Those parties are the creditor, the trustee and …
Monthly Archive: February 2012
Feb
24
Feb
17
What is exempt in bankruptcy?
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 …
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 …