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Questions Answered by Ryan M. Wood
2 Answers | Asked in Bankruptcy for Colorado on
Q: I know I'm going to have a high tax bill this year - does declaring bankruptcy allow me to not pay it?
Ryan M. Wood
Ryan M. Wood answered on Jan 13, 2017

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... Read more »

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2 Answers | Asked in Real Estate Law for Colorado on
Q: I am in the process of selling a property and I have been advised to get a Real Estate Lawyer. Do I need one?

Why do I need one?

How much will it cost?

How quickly can I obtain a Lawyer?

Ryan M. Wood
Ryan M. Wood answered on Dec 11, 2016

You do not always need a real estate attorney when selling property - it depends on your particular circumstances. You can search for real estate attorneys in the Find a Lawyer section of this site.

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1 Answer | Asked in Bankruptcy for Colorado on
Q: I am low income and elderly, how can I find an attorney that will help me with the bankrutcy filings and accept payments
Ryan M. Wood
Ryan M. Wood answered on Mar 4, 2014

If your income is low enough, you may be able to get help from Colorado Legal Services: www.coloradolegalservices.org.

1 Answer | Asked in Bankruptcy for Colorado on
Q: What is the web site for colorado springs docket for 341 meetings for chapter 7
Ryan M. Wood
Ryan M. Wood answered on Mar 4, 2014

The Colorado Bankruptcy Court posts the dockets for the initial meeting of creditors in Chapter 7 and Chapter 13 cases here: http://www.cob.uscourts.gov/firstmeeting.asp.

1 Answer | Asked in Bankruptcy for Colorado on
Q: What judicial district is the district court of colorado?
Ryan M. Wood
Ryan M. Wood answered on Mar 4, 2014

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.

1 Answer | Asked in Bankruptcy for Colorado on
Q: Can you file a business bankrupcy
Ryan M. Wood
Ryan M. Wood answered on Mar 4, 2014

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... Read more »

1 Answer | Asked in Bankruptcy for Colorado on
Q: Can I keep my home in Colorado if I declare bankruptcy?
Ryan M. Wood
Ryan M. Wood answered on Mar 4, 2014

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... Read more »

1 Answer | Asked in Bankruptcy for Colorado on
Q: Is an ira exempt from bankruptcy.
Ryan M. Wood
Ryan M. Wood answered on Mar 4, 2014

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... Read more »

1 Answer | Asked in Bankruptcy for Colorado on
Q: I filed and was going to retain my current vechile and now decided I should surrender it how do I go about that?
Ryan M. Wood
Ryan M. Wood answered on Mar 4, 2014

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... Read more »

1 Answer | Asked in Bankruptcy for Colorado on
Q: How do I find out if my company filed for bankruptcy
Ryan M. Wood
Ryan M. Wood answered on Mar 4, 2014

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.... Read more »

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