Not All Bankruptcy Lawyers Are Created Equal
Posted September 19th, 2011
If you are going to file for bankruptcy you need a lawyer. Really. I am not just saying that because I am a bankruptcy attorney. I say that after watching case after case at the Meeting of Creditors where pro se filers (that means people who filed without an attorney) lose property they could have kept if they had had good legal advice while planning their bankruptcy. (more…)
Bankruptcy and Divorce
Posted May 17th, 2011
Seeing as financial problems are the number one cause of divorce in the U.S., bankruptcy and divorce often go hand-in-hand. Unfortunately, each one complicates the other. Understanding now bankruptcy laws affect a divorce and divorce-related debt depends on where you are in the process. Different considerations apply depending on whether you are considering divorce, have already started the process or if you have final orders in the divorce action. (more…)
The Tax Consequences of Bankruptcy
Posted February 20th, 2011
In general, debt discharged in bankruptcy is not taxable and most people who file for consumer bankruptcy have no tax consequences as a result of the bankruptcy filing. However, there are a few areas in which you should be aware of the interaction between bankruptcy and tax liability. (more…)
The Truth About Short Sales
Posted January 27th, 2011
Short sales have gotten a lot of press in this financial crisis and many think they offer a way out from under their mortgage debt and underwater properties. However, the reality is the short sales offer no benefit, none, to all but a very few. For the financially distressed, those who have debt in addition to their mortgage, short sales are simply a way for real estate agents to make a commission on the property while robbing you of any possible financial benefit to letting go of a house you can no longer afford. (more…)
To Reaffirm or Not to Reaffirm: That is the Question
Posted December 13th, 2010
Reaffirmation agreements are a special feature of Chapter 7 bankruptcy. They give your creditors a chance to get you back on the hook for debt you would have otherwise discharged in the bankruptcy by allowing you to reaffirm, or re-sign, liability for a specific debt. Because of this, reaffirmation agreements are to be avoided like the plague unless there is a very good reason to enter into one. (more…)
Mike Wink Interview With Tom Martino: Martino Calls Mortgage Mods A Scam!
Posted November 29th, 2010
Mike (aka “He Said”) Wink was on the Tom Martino Show recently to discuss the ways that bankruptcy can help homeowners. During their discussion, Tom Martino, Colorado’s best-known consumer advocate, “The Troubleshooter” makes a bold statement, calling out mortgage modifications as a scam. (more…)
How Does Being Sued Affect My Bankruptcy?
Posted October 12th, 2010
Most people considering filing for bankruptcy protection are also vulnerable to lawsuits brought by their creditors for debts owed. If you are served a summons by one of your creditors prior to filing bankruptcy, you will want to understand how that affects your bankruptcy case. (more…)
Buying a Car Before Bankruptcy: Buyer AND Seller Beware
Posted September 13th, 2010
If you are contemplating buying a car before filing for bankruptcy in Colorado, here is fair warning of some pitfalls that may arise. (more…)
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…)