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Questions Answered by Timothy Canty
1 Answer | Asked in Bankruptcy, Real Estate Law and Foreclosure for Colorado on
Q: Tenants in our PA property just gave notice, and we cannot support that mortgage as well as ours here in CO. Bankruptcy?

Home in PA is a VA loan that we've had for 11 years, and is still underwater (~$60K) since the 2008 crash. We recently closed on our home here in Berthoud, CO, and have virtually no equity built up. Wife laid off last April, only on one income (mine). Our PA tenants just gave notice that they... Read more »

Timothy Canty
Timothy Canty
answered on Sep 23, 2017

Without knowing your entire financial picture, I cannot determine whether a bankruptcy would be right for you. A bankruptcy would relieve you of liability for the PA property, but I can't determine whether it would protect your other assets. Since you apparently have not lived in Colorado for... Read more »

1 Answer | Asked in Real Estate Law for Colorado on
Q: I have agreed to an emailed offer to sell, but am now having second thoughts. We have not signed a contract yet.

This was an unsolicited offer by an agent and we don't have a signed contract with him either. Is email acceptance binding or can we rescind?

Timothy Canty
Timothy Canty
answered on Sep 23, 2017

In Colorado, Contracts for the sale of real estate must be in writing pursuant to statute. In some cases, a court may enforce oral real estate contracts if there has been some partial performance. To determine whether your email "acceptance" is valid or not, I would have to look at the... Read more »

1 Answer | Asked in Real Estate Law for Colorado on
Q: I was engaged to my girlfriend of 7 years. We bought a house together 6 months ago. Now she wants me out.

What do I have to do to get off mortgage?

Timothy Canty
Timothy Canty
answered on Sep 21, 2017

There are only two ways I know to get released from the mortgage. The lender can agree to release you from liability (not bloody likely) or your girlfriend can refinance by herself.

1 Answer | Asked in Real Estate Law for Colorado on
Q: How can seller cancel contract with buyers in Colorado?

Seller in foreclosure, listed house with me, now have contract with buyers. Seller since found a way to stay in her home and doesn't want to sell. Buyers' agent wants to sue everyone. How can I help her stay in her home?

Timothy Canty
Timothy Canty
answered on Sep 21, 2017

Generally, a buyer is entitled to specific performance of a real estate contract as long as the buyer has not defaulted on any material terms. However, your seller could break the contract legally by filing a Chapter 7 or Chapter 13 bankruptcy. There are many other consideration before deciding on... Read more »

1 Answer | Asked in Real Estate Law for Colorado on
Q: I am selling a rental property. Can I use the proceeds to pay down the loan on another rental property to avoid taxes?

Colorado. No papers are signed yet

Timothy Canty
Timothy Canty
answered on Aug 23, 2017

Your idea will not avoid capital gains taxes on the gain from the sale. I am aware of three possible solutions to avoiding these taxes. First is a 1031 exchange and involves buying another qualifying property and rolling the gain into that - there are complicated rules to this. The second method is... Read more »

1 Answer | Asked in Bankruptcy and Consumer Law for Colorado on
Q: have 65k in CC debt, have 112k in reverse mort debt. wife and I live on 54k yearly. Home is valued at 400k.options?

What is max amt on value of home - don't want my home touched.

Timothy Canty
Timothy Canty
answered on Aug 14, 2017

The Colorado homestead exemption is $75,000, or if you are over 60 years old or disabled, $105,000. You must have a been a Colorado resident for at least 2 years in order to use Colorado exemptions. Any equity over those amounts must be turned over to the trustee to pay creditors. This will usually... Read more »

1 Answer | Asked in Probate for Colorado on
Q: Does a conservatorship go through probate or regular court?
Timothy Canty
Timothy Canty
answered on Jul 7, 2017

In Colorado, conservatorships and guardianships are filed in the probate division of the District Court. The one exception is the City and County of Denver which has its own Probate Court.

2 Answers | Asked in Bankruptcy for Colorado on
Q: If a company failed to fulfill an order I placed and paid for, then files for bankruptcy, can I still sue them to get my

money back?

Timothy Canty
Timothy Canty
answered on Jun 7, 2017

Probably not. Assuming they filed a Chapter 7 liquidation, the company's assets will be liquidated and the proceeds distributed according statutory priorities. Creditors are prohibited from trying to collect debts except through the bankruptcy process. You can file a Proof of Claim with the... Read more »

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1 Answer | Asked in Real Estate Law for Colorado on
Q: Can lender sue for deficiency if father walks away from upside-down property?

Payments are current, but he can no longer maintain the property. He's 83. Has money in bank and doesn't want to risk it being garnished.

Timothy Canty
Timothy Canty
answered on May 26, 2017

It depends on the amount the lender bids at the sale. If the bid is enough to pay the loan, there will be no deficiency. If the bid is less, there will be a deficiency which the lender may try to collect from the borrower. Sometimes the lender will forgive the deficiency. If its more than $600.00,... Read more »

1 Answer | Asked in Real Estate Law for Colorado on
Q: If we purchase a home FSBO how does appraisal work? sellers want no appraisal contingency but we need certainty
Timothy Canty
Timothy Canty
answered on May 23, 2017

If there is a lender involved, they will insist on an appraisal. If the appraisal does not support the contract price, they will not make the loan. If it's an all cash deal, caveat emptor (buyer beware).

1 Answer | Asked in Real Estate Law for Colorado on
Q: Thank you, Mr. Canty. Wouldn't the fact that the names of both the husband and wife are on the title deed mean that the

wife would then have half interest in the home? Or because the husband purchased the home in his name only, does that mean that (despite the title deed listing both husband and wife as owners) the husband would have to deed an interest to his wife for her to actually have co-ownership regardless of... Read more »

Timothy Canty
Timothy Canty
answered on May 17, 2017

Unless the vesting deed says otherwise, each is presumed a 50% owner. The contract language no longer matters as it is "merged" into the deed. Did he examine the deed prior to closing? Presumably, he wanted her on the title and requested the seller to grant the warranty deed to both of... Read more »

1 Answer | Asked in Real Estate Law for Colorado on
Q: If the husband purchases a home & only puts his name on the purchase agreement,

but includes his wife's name on the title, can he thereafter remove her name from the title so that she no longer has half ownership in the home?

Thanks!

Timothy Canty
Timothy Canty
answered on May 17, 2017

Assuming he effectively deeded an interest to the wife, he cannot unilaterally remove her. Either she must deed it back or a court must order it.

2 Answers | Asked in Bankruptcy for Colorado on
Q: Is there a set list of property that is exempt from bankruptcy proceedings?
Timothy Canty
Timothy Canty
answered on Mar 3, 2017

Yes, but it's complicated. If you have been a Colorado resident for at least two years prior to filing bankruptcy, you must use the Colorado exemptions. There are many and they are spread out over several sections of the Colorado Revised Statutes and Rules. Common examples are the $75,000.00... Read more »

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1 Answer | Asked in Tax Law for Colorado on
Q: Do I still,owe repayment for 2008 first time home owner if my home foreclosed
Timothy Canty
Timothy Canty
answered on Feb 20, 2017

If the lender bid the entire amount owed at the foreclosure sale, then you do not owe them any money. If they bid less than the amount due, you still owe the balance. If there was a second or third mortgage and they did not redeem the property by paying off the first mortgage, you would still owe... Read more »

2 Answers | Asked in Tax Law for Colorado on
Q: Hi. I received a 1099-a for the 2016 tax year. I filed bankruptcy in 2014 and it was discharged. Must I report on taxes

The property was abandoned by me. I filed bankruptcy. Eventually it was foreclosed on. They settled it somehow in 2016 and sent me paperwork showing it was paid. Box 5 is NOT checked on the 1099-a . Bal was $107,000 and fair mkt value was $60,000

Timothy Canty
Timothy Canty
answered on Jan 28, 2017

File IRS form 982 with your tax return showing that you were insolvent at the time. That usually solves the problem without an audit.

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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?
Timothy Canty
Timothy Canty
answered on Jan 13, 2017

Income taxes can be discharged in bankruptcy, but they must be due more than three years ago, returns filed for at least two years and assessed for at least 240 days. Newer taxes are not dischargeable, but can be paid over 5 years in a Chapter 13 with no additional penalties or interest.

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1 Answer | Asked in Tax Law for Colorado on
Q: I received my portion of a trust in 2014. The Trustee did not file taxes on my portion. Who is responsible for the tax?

The trustee did not file taxes for the trust account in 2014 and now the IRS is asking for money. Who is ultimately liable for these funds?

Timothy Canty
Timothy Canty
answered on Dec 29, 2016

You did not provide enough information on the source of the funds you received. The general rule is that distribution of trust income is taxable to the beneficiary (you), but distributions of the trust assets to the beneficiary are not.

1 Answer | Asked in Bankruptcy for Colorado on
Q: I've heard there's an option to file an emergency bankruptcy - what is the process for this?
Timothy Canty
Timothy Canty
answered on Nov 30, 2016

You can file an emergency bankruptcy by filing the Petition form along with a credit counseling certificate and a list of creditor names and addresses. The court will give you 14 days to file the other schedules and statements.

2 Answers | Asked in Criminal Law for Colorado on
Q: Can you get a continuance for a probation revocation sentacing hearing if you haven't secured council?

I haven't been able to secure ameeting with the pubilc defender. The proabtion officer and DA both request my 2 yr suspended sentance be enacted.

Timothy Canty
Timothy Canty
answered on Oct 17, 2016

This is not a probate question, but as a former public defender, I would say that it never hurts to ask. Most judges will allow the hearing to be re-scheduled one time for a good reason.

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2 Answers | Asked in Bankruptcy for Colorado on
Q: Hello I was hoping someone could help me under stand this:

It appearing to the Court that the Trustee has filed a report certifying that the estate in the above-captioned case has been fully administered and that no objections to the report have been filed within 30 days thereafter, it is ORDERED that pursuant to Rule 5009, Fed.R.Bank.P., there is a... Read more »

Timothy Canty
Timothy Canty
answered on Oct 6, 2016

It means that the trustee is done administering assets (if any) and that all other property is abandoned and the case will soon be closed.

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