In Colorado, Creditors can garnish wages and bank accounts once they obtain a judgment against you. There are two main types of garnishments that consumers will see in debt collection cases: Writs of Continuing Garnishments and Writs of Garnishment with Notice of Exemption and Pending Levy. These Writs are issued by a court for the…
Yes, in Colorado, creditors, can and will sue you if you don’t pay your bills. This is true for most types of common debts including credit cards, medical debt and deficiencies on foreclosures and vehicle repossessions. Sometimes your original creditor will sue you directly but, more often, the creditor will sell the debt to a…
If you have a potential personal injury claim and are considering bankruptcy (or have already filed bankruptcy), it is very important to list your personal injury claim as a potential asset in your bankruptcy schedules. A failure to schedule your personal injury claim as an asset in your bankruptcy could prevent you from pursuing the…
If you have settled a debt in which the creditor has written off or “forgiven” more than $600, you may receive a Form 1099-C and may have to include that amount in your gross, taxable income. However, in many circumstances, you may be able to avoid paying taxes on the amount forgiven. The IRS allows…
When filing for bankruptcy protection, many consumers are worried about the impact a bankruptcy filing will have on their credit scores. The impact that bankruptcy will have on your credit will depend on a number of factors but, in some cases, bankruptcy can be the quickest route to rebuilding your credit. Credit Bureaus consider a…
For the vast majority of borrowers, student loans are not dischargeable in bankruptcy. This is true for both government loans and private loans (lawmakers eliminated the distinction between government and private loans in the 2005 amendments to the Bankruptcy Code). Student loans can be discharged for those who can show that the loans are an…