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Debt Settlement

There are many commercials from debt settlement companies that promise to settle debts for pennies on the dollar or for low monthly payments. You should be skeptical about these claims. These ads and the national debt settlement companies are harmful to consumers. In some cases, it makes sense to settle your debt and Consumer Law […]

Should You Sign A Reaffirmation Agreement?

A reaffirmation agreement removes a secured loan from your bankruptcy discharge. You will remain personally liable for the loan after your discharge is ordered if you sign such an agreement. You have the right to rescind a reaffirmation agreement at anytime before your case is closed. Advantages of signing a reaffirmation agreement. Unless you sign […]

The Importance Of Choosing a Bankruptcy Attorney With a Good Reputation

When you are choosing a bankruptcy attorney, you should ensure that you are working with a reputed law firm or with a reputed bankruptcy lawyer. One of the reasons why people hire a Denver bankruptcy lawyer or a Colorado bankruptcy lawyer is to get professional assistance in ensuring the best possible outcome. It is therefore […]

Complaints Against Discharge

Complaints against discharge filed by creditors. There is no set dollar limit that will trigger a complaint against discharge, however, the potential for a complaint increases for those individuals with significant unsecured credit card debt. In the two cases in which complaints were filed against our clients (out of hundreds of clients) , the clients […]

Is it better to do a Loan Modification Before or After Filing Bankruptcy?

When a bankruptcy is filed, the mortgage servicer will transfer the file from the department it is in to the bankruptcy department. The bankruptcy department NEVER picks up where the other department left off. Therefore, if the modification is not final, then the debtors will need to start over from scratch. In the meantime, if […]

Tips for Selecting a Bankruptcy Lawyer

When you decide to hire a bankruptcy lawyer you should take caution in choosing an attorney based on experience level rather than basing your decision on price alone. When you have reached the point of filing bankruptcy, you cannot afford to hire the wrong attorney. You need reliable legal assistance by your side. So here […]

Should You Hire a Bankruptcy Attorney?

Is it Necessary To Hire A Bankruptcy Lawyer? Filing for bankruptcy is one of the most distressing times of one’s life. Bankruptcy is the last resort to deal with one’s overwhelming debt problems and this should be strictly sought only when there are no other options. When people do go for bankruptcy filing, they will […]

Marital Debt to Third Party Excepted From Discharge

Wodark, Glennette L; In re (Wodark v. Wodark) 20 CBN 648 (Bankr: 10th Cir: 2010). This case comes from the 10th circuit, in which Colorado is a member. A husband and wife obtained a divorce and listed a debt in their divorce papers the wife was to be solely responsible for. The wife filed a […]

May remove 2nd mortgage in Ch. 13 but not Ch. 7

Grano, Jospeh S. and Ann; In Re (Grano v. Wells Fargo Bank) 20 CBN 438 (Bankr. W.D.N.Y. 2010) The holding of Dewsnup v. Timm, 502 U.S. (1992) continues to bind chapter 7 debtors. The Chapter 7 debtors filed an adversary proceeding against Wells Fargo Bank N.A. The debtors alleged that their home was worth $445,000 […]

Foreclosure sale validated after bankruptcy

Stay annulled to validate post-petition foreclosure sale In this case the debtor was ineligible to be a debt under section 109(h)(1) of the bankruptcy code. This did not render her bankruptcy a nullity, however, her failure to act in good faith warranted the annulment of the automatic stat and the validation of the post petition […]

Personal Bankruptcy Filings Increased 17% last year

A growing number of people filed for bankruptcy protection in Colorado in 2010, while the number businesses filing bankruptcy declined for the first time in four years. Rising unemployment rates, heavy consumer debts and a weak housing market all contributed to the number of personal bankruptcy filings. Personal bankruptcy filings increased 17.2 percent, to 31,160, […]

Consumer Bankruptcy Filings on the Rise

Consumer bankruptcy filings approached pre-BAPCPA levels in 2009. According to the Administrative Office of the U.S. Courts, there were 1,412,838 consumer bankruptcy petitions filed last year. That figure marked a 31.5 per cent increase from 2008 when 1,074,108 consumer bankruptcy petitions were filed, and it was the most consumer bankruptcy cases filed during a calendar […]

Strip-off Your Second Mortgage

Falling Home Prices and resulting increase in Chapter 13 Lien Stripping U.S. homes values have continued to decline in the last two years. As a result, the equity in homes throughout the U.S. (especially Colorado and surrounding states) has continued to decline. Many experts estimate that by 2011 nearly 50% of all homes will be […]

Top Ten Reasons Why People File for Bankruptcy

1. End the Legal Obligation to Pay-off most, if not all, of Your Debt. 2. Stop Foreclosure on a Home and Allow You to Catch up on Missed Mortgage Payments by filing a chapter 13. 3. Prevent repossession of a vehicle or other secured property. 4. Eliminate your Debts Arising from Medical Bills. 5. Loss […]

Debtors Have Right to Convert Non-Exempt Assets into Exempt Assets Before Filing

MAXIMIZING THE BENEFIT OF A DEBTOR’S EXEMPTIONS Generally speaking it is neither illegal nor improper to arrange or rearrange a debtor’s financial affairs to maximize the benefit of a debtor’s exemptions. As explained by one court: It is well established that under the Code the conversion of non-exempt to exempt property for the purpose of […]

Some Collectors Use Psychology in Their Collection Efforts

A recent New York Times article* looked at how debt collection agencies are using new statistical relationships to gauge payment risks. The findings from the study include the following: 1) That people who bought cheap, generic oil for their car were much more likely to miss a credit card payment than someone who bought expensive […]