Assets you may lose in a chapter 7 bankruptcy
You will retain most assets Most cases are no asset cases meaning the trustee did not collect any money or liquidate any assets of the debtor. Although most debtors have some non-exempt assets, the value is often too low for a trustee to work with 20% of earned but unpaid wages at the time of […]
Can I Defend Against an Auto Loan Deficiency Balance?
Can I defend against a deficiency balance on an auto loan? Did the creditor provide you the required notices as provided by Article 9., C.R.S. § 4-9-611-616.? An attorney can assist in determine whether the notices complied with the law. The lender must provide you the date, time, and location of the sale. You are […]
Should I file chapter 13 bankruptcy if I have equity in my home?
If the equity in your home exceeds the exemption limit in Colorado, you may be at risk of losing your home by filing a chapter 7 (liquidation). In such cases, I recommend filing a chapter 13 (reorganization/non-liquidation). In most cases, the equity in a home is not sufficient to impact your monthly chapter 13 plan […]
Chapter 13 Bankruptcy Creditors
Chapter 13 Bankruptcy – How do Creditors get Paid? Secured Debts In most cases, you will make payments to secured creditors (e.g. mortgage, auto loan) outside of the bankruptcy just as you normally would. If you qualify, you may seek to reduce the amount of principle you owe on a vehicle or other secured asset […]
Secured Debts in Bankruptcy
Secured Debts in Bankruptcy If you wish to Retain the Collateral, is a reaffirmation agreement required? Mortgages: You are not required to sign a reaffirmation agreement on a mortgage loan; however, you may elect to do so because it will help you rebuild credit and make it easier to qualify for a new mortgage in […]