Small Business and Bankruptcy
Posted January 25th, 2010
As a personal bankruptcy lawyer in today’s economy, I am increasingly encountering small business owners facing bankruptcy. These business owners are usually considering bankruptcy because their business income is down and they have some combination of personal debt and personally guaranteed business debt which they cannot repay. I generally see the goal for these owners as wiping out business debt as well as personal liability for those debts, while keeping business assets. While achieving this goal in bankruptcy is often not possible, bankruptcy can wipe out personal liability for business and personal debts, and can be the best option for business owners in financial distress. (more…)
Danger Will Robinson!: Credit Card Use Leading Up to Bankruptcy
Posted January 5th, 2010
Most people considering filing for bankruptcy are dealing with credit card debt. This is no surprise considering the wide availability and often terrible terms of revolving credit: compounding interest on unpaid balances, late payment fees, over-limit fees, teaser rates that skyrocket unexpectedly, jacked-up interest rates based on late payment of a completely unrelated debt. I mean, really, the banks have made a science out of tricking and trapping the credit card consumer. It’s no wonder so many people find that there is no possible way they will be able to pay off their credit card balances. (more…)
Happy Holidays From Wink & Wink and Santa ‘Cuse
Posted December 22nd, 2009
Can I keep my car in bankruptcy?
Posted December 16th, 2009
As a Colorado bankruptcy lawyer, I come across many people who want to know the answer to this question. The short answer is that you can almost always keep some kind of car in bankruptcy, but it may not be your current vehicle. The legalities surrounding vehicles in bankruptcy are complicated and you should go into the process with a flexible mindset. (more…)
Colorado Repossession Law: Possess The Facts
Posted December 8th, 2009
If you are behind on the payments for your car or truck, you probably go to bed at night worrying about the Repo Man, and whether your source of transportation will still be there for you in the morning. In such a stressful situation, it helps to know the facts. Knowing what is likely to happen takes some of the uncertainty and apprehension out of the equation. (more…)
Seven Rules for Debt settlement, PLUS One Golden Rule
Posted December 2nd, 2009
Debt settlement is an interesting world with potential, and pitfalls. As a bankruptcy lawyer in Colorado, I advise clients of seven rules which can help you get the most out of debt settlement. However, I also add a Golden Rule to list – understand your options when attempting to settle debt. This includes understanding bankruptcy. Knowing the rules and your options will help you get the most out of your efforts to improve your financial situation. (more…)
Making a Comeback After Bankruptcy
Posted November 23rd, 2009
One question I hear frequently as a consumer bankruptcy attorney is “Will I ever be able to buy a home (or car) again after I file for bankruptcy?” or “Will I be able to get credit again with a bankruptcy on my credit report?” The short answer is yes. You will be able to purchase a home or car after bankruptcy and you will be able to get credit again, if you follow some advice and make changes to your financial approach. (more…)
You do not have to lose your home in bankruptcy, but letting go of the underwater mortgage may make financial sense!!
Posted November 16th, 2009One of the most common questions I get as a bankruptcy attorney is whether you can keep you home in bankruptcy. The answer is yes, if you continue to pay the mortgage. However, this may not be the best financial decision. (more…)
Debt Collection in Colorado: Know Your Rights
Posted November 10th, 2009If you are struggling with debt, there’s a good chance you are also struggling with unwanted contact from debt collectors. Sometimes these are your actual creditors, the ones you signed a contract with, but often the person calling you works for another company altogether because your debt has been sold to a debt collection agency. No matter who is contacting you about your debts, it’s not a good feeling. And when debt collectors cross the line, it can be downright scary. Knowing your rights where debt collection is concerned is important and empowering. Here’s some information about debt collection in Colorado that can help you get some control back if you are in that situation. (more…)
Bankruptcy Exemptions Force Sound Financial Planning
Posted November 3rd, 2009If you are considering filing for bankruptcy but are worried about losing your assets, think about your future. You may be surprised to know that Congress already has. State and Federal legislators have created types and amounts of property that you can keep after bankruptcy called exemptions. These exemptions can be substantial, enabling you to keep significant assets after bankruptcy. They are also a good roadmap for sound financial planning. (more…)