How can I protect my separate assets (cash, savings, car) from my spouse’s potential future debt claims (IRS seizure, collection lawsuits from business and credit card creditors)? Divorce is not anticipated. This is in Colorado.
answered on Jan 25, 2023
This can be a tricky question, and it is my understanding that the answer may vary for different purposes, so it would be wise to also get opinions from a bankruptcy attorney and a tax attorney as well. This answer is going to be from an estate planning and family/divorce perspective. I do not... Read more »
The company was paid as private contractors. We waited 2 years for them to build the store they promised, but all they ever did was delay. Now they’ve filed for chapter 7 bankruptcy without ever telling us and we don’t know what, if anything, we can do legally to try and recoup our $30k. The... Read more »
answered on Dec 4, 2022
You would have to reduce the cause of action to a judgement by filing a lawsuit and going through that process. This process will depend on the language in any contracts executed or if there was no contract the state procedural and conflict of law rules.
Once you have a judgement you would... Read more »
answered on Aug 4, 2022
Mr. Denison is correct
Bankruptcy is a federal statute enacted by the Congress of the United States. The only variables, as he says, are the exemptions (stuff you can keep), but you should consult your own lawyer to determine which choices are the best for you
answered on Aug 4, 2022
The bankruptcy code is federal and thus the same nationwide. Nuances regarding exemptions can vary from state to state, but the bankruptcy laws under the federal code are uniform throughout the 50 states.
answered on May 19, 2023
Check with your local bar association or legal aid society for pro bono lawyers.
I see debt following me to purgatory or heaven. I want to retire but afraid of debt. I am just looking for general answer. I plan on seeing an attorney next week but wanted general answer
answered on Oct 21, 2022
There's not nearly enough information here to advise you of your options. I suggest you get a consultation with an experienced bankruptcy lawyer - most of us will give you a free consultation.
I received a strongly worded letter from a law firm threatening legal action in the form of a lawsuit over an unpaid debt. They also said that it’s been noted that I attempted to basically defraud the collector because I allegedly closed a bank account. (Don’t recall this) The debt itself I am... Read more »
answered on Apr 12, 2022
first of all, go see a good bankruptcy/financial distress lawyer. It sounds to me like the statute of limitation might have run. If that is the case, then you have an action against the law firm.
That aside, bankruptcy could be your solution, but only a good local lawyer can give you that... Read more »
Client asked atty for casenotes atty said parent isn't entitled and immediately wanted to withdraw from clients case. Atty says they don't know what case notes are. In 15 months never met the attorney face to face and have proof that atty worked against client the entire time. 2 different... Read more »
Will this effect my warranty? My rebate? Do I have to join this lawsuit? I have until 1/28/22 as the deadline. Case # 21-23636
answered on Jan 21, 2022
In a corporate Ch. 7 case, the corporation almost always ceases operation immediately, terminates its employees, etc., and a bankruptcy trustee steps in and liquidates the assets of the business.
Under these circumstances, your warranty is pretty much worthless. There's nobody there... Read more »
The account is now listed as closed, I never made any agreement/payment arrangements w/ creditor after the car was voluntarily repossessed.
answered on Jan 6, 2022
Statutes of limitations vary by state. For example in Mississippi, the statute of limitations on an auto loan deficiency is only one year. Under Colorado Revised Statute 13-80-103.5, the statute of limitations is 6 years. This runs from the date of the last payment. The fact that it is... Read more »
Is there a timeline for this? For chapter 7
answered on Nov 15, 2021
It depends on whether chapter 13 (which can be 45-90) vs a Chapter 7 which is 30-60 days
The trustees final report was filed, it does show a distribution to creditors, does this mean my case is closed? If not, is there a timeline until it closes for chapter 7?
Just wondering if there is any timeline for for the closing.
I have gotten my discharge in chapter 7, but I am considering filing for a motion to abandon on my house. I’ve lost my job and need to get something more affordable. I am worried that since the housing market is up, it will be worth
More now than when I filed. If it does, and I get more... Read more »
answered on Jul 16, 2021
If you’ve gotten your discharge and the trustee has abandoned the property, you should be able to do as you wish with the property.
answered on Jul 13, 2021
The short answer is YES.
Tort (not torte, a French pie) judgments are no different from others unless they include specific punitive or exemplary damages, which may not be discharged.
Take you specific problem to a good BK lawyer so he/she can know all the facts and base an opinion on that.
answered on Jul 4, 2021
If you are involved in an auto accident and you don’t have insurance, your driver’s license can be suspended under Colorado’s Motor Vehicle Financial Responsibility Law. In order to have your license reinstated, you’ll need to obtain insurance and get into a payment plan for the damages... Read more »
Try to see which is more affordable or a lot better for me. Chapters 7, 11, or 13, maybe if there’s better options? My debt is around 39,000. Basically being young and irresponsible.. i want a fresh new start.
answered on Apr 27, 2021
In Colorado, many bankruptcy attorneys will provide you with a free consultation. During this consult, you'll let them know about your circumstances and the attorney will explain the various options including the different forms of bankruptcy. A free consult with a lawyer is your first step... Read more »
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