What Happens to My Student Loans in Bankruptcy?
Posted July 25th, 2010
Student loans and bankruptcy are a complicated area, and not many bankruptcy filers understand how bankruptcy affects their student loan debt and what their options are and how they differ between Chapter 7 and Chapter 13 bankruptcy. (more…)
What We Can Learn From The Rich
Posted July 11th, 2010
A recent article in the New York Times deals with the fact that the rich are more likely to walk away from their underwater mortgages. One in seven owners of million-dollar plus property is in default, compared with one in 12 for properties worth less than a million. (more…)
What Happens to my Cosigner in Bankruptcy?
Posted June 21st, 2010
A cosigner is someone who has signed up to guarantee payment of a debt if the primary debtor fails to make payments. A cosigner is also called a codebtor in bankruptcy. Co-signers are usually friends or family members with good credit who are added to a loan to provide added assurance to the lender that the loan will be repaid if the primary borrower (who wouldn’t qualify on their own) fails to make all payments. A bankruptcy by one cosignor affects the rights of the other cosignor. (more…)
What Happens at my Chapter 7 §341 Meeting of Creditors?
Posted June 8th, 2010
For many bankruptcy filers, the prospect of the §341 Meeting of Creditors causes some stress and anxiety. It’s normal to be apprehensive about your 341 Meeting, but at the same time it’s nothing to be afraid of because most 341 hearings go quickly and smoothly. As with all other aspects of your bankruptcy case, preparation is the key. So what follows is an overview of the 341 process to ease your worried mind. (more…)
What Happens To My Non-Exempt Property in Chapter 7 Bankruptcy?
Posted May 23rd, 2010
Let’s say you are lucky enough to qualify for Chapter 7 bankruptcy. You pass the means test (maybe because of the legal magic of a good bankruptcy lawyer), your debts are dischargeable, you’re ready to file bankruptcy and get free from a load of debt and stress. But you have a problem. You have non-exempt property. Property that doesn’t fit into one of the Colorado Bankruptcy Exemptions. What are your options? (more…)
Walking Away From Your Mortgage? What You Don’t Know May Be Stalking You.
Posted April 23rd, 2010
Strategic Default. You Walk Away. “Should you walk away from your underwater mortgage?” These phrases have been reaching fever pitch in the news media lately because of the continuing economic crisis and its huge toll on house values nationwide. The gist of the idea is that if your house is underwater, chances of you ever regaining the equity you have lost are slim to none. However, the media seems to be silent with regard to the risk of deficiency judgment, which often lurks out there like a predator waiting to attack! (more…)
Inheritance in Bankruptcy: Spendthrift Trust Benefits and Requirements
Posted March 7th, 2010
Inherited assets which arise during bankruptcy can present issues because they are not exempt under Colorado bankruptcy law and are subject to liquidation as part of the bankruptcy estate that is created when a bankruptcy is filed. However, there are estate-planning devices that can help to protect potential assets that may be inherited during a bankruptcy. These are called spendthrift trusts. (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
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…)