A Chapter 13 bankruptcy requires a person to repay some of his or her debts (unlike a Chapter 7 liquidation). Although there can be benefits to a Chapter 13, generally, people file Chapter 13 because they make too much money to file a Chapter 7 bankruptcy. In a Chapter 13, a debtor must pay some…
On July 1, 2015, amendments to Colorado’s bankruptcy exemptions will take effect. The amendments will increase the amount of many of the exemptions for people seeking bankruptcy protection. This means that Chapter 7 debtors can protect more of their assets from liquidation and Chapter 13 can potentially pay less to their creditors. One of the…
Like most large cities, Denver has many bankruptcy attorneys offering their services and it is hard to know which attorney will best suit your needs. One of the main factors to be considered is the price. Most bankruptcy attorneys offer flat fee representation (meaning you are not charged on an hourly basis); however, bankruptcy attorney…
If you have defaulted on your debts and the accounts have been assigned to debt collectors then it is important to keep your personal information as private as possible. Creditors and debt collectors will use your information to collect from you in anyway possible including filing lawsuits, filing liens against your property and garnishing your wages.…
Paying your bankruptcy attorney can be a difficult and frustrating process. Many, if not most, bankruptcy attorneys require that their attorney fees be paid in full prior to filing your bankruptcy case. The reason for this is that the bankruptcy attorney’s fees are discharged once the bankruptcy is filed, just like your other debts. Most…
A jury in Missouri recently hammered notorious debt collector, Portfolio Recovery Associates, LLC with a huge $83 million penalty for its violations of the Fair Debt Collections Practices Act. The jury found that Portfolio Recovery Associates (PRA) violated the rights of Maria Mejia when they sued her for a debt that was not hers. The jury…
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…