Unfortunately, income taxes need to be at least 3 years old before they become dischargeable in bankruptcy. However, your tax debt will be considered a priority claim, so any assets liquidated in a Chapter 7 bankruptcy will go to pay the taxes ahead of most other creditors. If you file a Chapter...View More
Colorado has one bankruptcy court - the Federal Bankruptcy Court for the District of Colorado (some other states have multiple bankruptcy districts). Cases appealed from Colorado federal courts are heard by the 10th Circuit Court of Appeals.
A business can file bankruptcy if it is a legal entity, such as a corporation, LLC, or partnership. However, it is not always necessary to file bankruptcy for a business if the business can easily be dissolved and liquidated under state law. Since most small business owners are personally liable...View More
That depends on several things, including where you are filing bankruptcy, if you live in the property, and how much equity you have in your home. The Colorado homestead exemption is defined in Colorado Revised Statutes § 38-41-201, and it protects up to $60,000 equity in real estate used as your...View More
Colorado Revised Statutes § 13-54-102(1)(s) exempts IRAs (individual retirement accounts) from liquidation in bankruptcy. In order to qualify for the exemption, the funds must be "held in or payable from" the IRA - this means that the funds must stay in the IRA in order to remain...View More
First, you should consult with your bankruptcy attorney in case surrendering your vehicle has any implications in your bankruptcy case. If there are no issues with surrendering your vehicle, most car lenders can give you instructions on how (and where) to give it back. If you call the number...View More
All bankruptcy filings in the United States can be accessed online using PACER (Public Access to Court Electronic Records) at http://www.pacer.gov/. This is an electronic records system for the federal courts, and you can search for individuals and businesses here: https://pcl.uscourts.gov/search....View More
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.