The beginning point in a bankruptcy proceeding is determining what property the debtor owns. When a married debtor in a community property state files bankruptcy without his spouse, all of the community property becomes part of the bankruptcy estate. That includes the share of the community that would otherwise belong to the non [...]

According to a recent decision by Judge Krechevsky of U.S. Bankruptcy Court in Connecticut, not only is a non-filing spouse’s tax refund not part of the bankruptcy estate subject to a grab by the U.S. Trustee, the tax refund itself must be apportioned according to the contributions withheld from the respective spouse’s pay in the [...]

Debtor-creditor law in this country tries to balance the rights of creditors to recover money they are legitimately owed with the need of the debtor for a nest of assets for daily living and for a fresh start.  Thus state and bankruptcy law give the debtor the right to claim certain property as “exempt”, that [...]

For many districts around the United States when you file a Chapter 13 your Plan must run for 36 or 60 months. This issue has not been completely resolved in all districts. In the Western District of Missouri, as outlined In re Schanuth, you must go at least 36 months if you are below median [...]

Weigh Your Foreclosure Options
Remember to weigh all your options. A foreclosure does not have to mean that you will lose your house and in many instances it does not mean you have to leave your house right now. There are numerous options, including bankruptcy may keep you in your house and allow you to avoid [...]

Players and Coaches

Ask your friends why a team makes it to the Super Bowl and you will get a few different answers. “My team has the best quarterback in Peyton Manning!” or “The Chicago Bears defense can stop anyone!” If you ask me, I would say that great coaches help gel the great players and [...]

In a Chapter 7 Bankruptcy Petition filed in the United States Bankruptcy Court for the District of Colorado this issue is relatively well settled. However, it is important to remember that there are exceptions and speaking to a bankruptcy attorney is the best way to handle such a matter.
If the debt is a pre-petition debt or, [...]

Reaffirming a debt means that you sign and file with the bankruptcy court a legally enforceable document, which states that you promise to repay all or a portion of the debt that may otherwise have been discharged in your bankruptcy case. 
Reaffirmation agreements must generally be filed with the court within 60 days after the first [...]

Only lawyers are licensed to give legal advice. This is to protect the public from getting legal advise from people who are not legally trained to do so, and who may not understand how different laws interact and affect you.
Too many people are coming to lawyers and reporting things that credit counselors (or other [...]

When was the last time you read your credit card agreement?  You know the one that came in your statement a few months back?  If you’re like almost every single consumer, you’ve never read that agreement.  Well, there’s one term that needs your attention right away:  The Universal Default Provision.  It’s there, and it’s the [...]