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 »
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...Read 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...Read 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...Read 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...Read 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....Read more »
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