Colorado Bankruptcy Legal Questions

First things first: consult a skilled bankruptcy lawyer in your locality. Second, regardless of the legal separation, you are entitled to either the federal or the state homestead exemption (in some states you must choose only the state exemptions). In Wisconsin, each spouse gets a $75,000 homestead exemption. So...if you file separately (and live in Wisconsin) , your equity is entirely exempt. So is hers.... Read More

You have asked 3 questions which appear to be related. So I am only going to answer one of these questions to save you some time. While you were in Chapter 13, you were protected from creditor action. Now that your Chapter 13 no longer protects you, you are vulnerable. Your current financial situation will indicate whether you should file another chapter 13, whether you can now qualify to file Chapter 7, or whether you might be able to settle this or other debts for a lump sum of cash. Offering you an answer requires details that you cannot reasonably provide in an online forum.... Read More

There is no waiting period between incurring a debt and filing bankruptcy as long as the debt was incurred in good faith. For example, if you borrowed $10,000 to buy row 1 tickets to the Super Bowl and filed bankruptcy the next week, it's obvious you never intended to pay off this loan, so it wasn't in good faith.... Read More

What you put on your bankruptcy petition doesn't determine whether you have an ownership interest in the property (although not listing a partially owned property would constitute bankruptcy fraud). Ownership of property is determined by the deed or other documents filed with the county recorder's office.... Read More

If you filed a 7, you qualify for a discharge in a 13 after 4 years. However, if all you need is a payment plan, you can file a 13 at any time. If you previously filed a 13, you have to wait 6 years to file a 7. You should consult an experienced attorney to get an answer, but it is possible that there is a solution for you.... Read More

Filing a second bankruptcy case means that you can only stop the sheriff's sale for 30 days (plus whatever time it takes the local court to schedule a new sale) unless you can convince the bankruptcy judge that you are really, really going to go through with the bankruptcy this time unlike the last time. This is sort of in the "fool me once" category. When you filed the first bankruptcy, you are automatically treated as an honest person who is filing bankruptcy to take care of your financial problems - then you didn't follow through. The second time you file, you are automatically treated as a dishonest person who is abusing the bankruptcy system to stay free in the house for a few more months. To convince the bankruptcy judge that you're really honest and this time will be different, you have to show reasons why it will be different, for example, if you didn't use an attorney last time use one this time (this doesn't work the other way around, if you didn't use an attorney and you missed deadlines, everybody just figures you're stupid, if you used an attorney and still missed deadlines, everybody figures you're dishonest), do you have a better job, did you have an emergency last time, etc. etc. One advantage of having an attorney, is she/he can reach out to your lender and try to make a deal during those 30 days.... Read More

No, the bankruptcy court will only pay on debts which existed on the date the bankruptcy was filed. Since her funeral costs were after incurred after she filed and were not debts of the deceased (the funeral is paid for by either the estate of the deceased or the living persons who signed the contract with the funeral home not the deceased).... Read More

If you file a Chapter 7 and surrender a vehicle that has a co signer, the co signer will absolutely be affected. They will be called upon to pay any amounts left over after the car is sold at auction. Incurring debt just before you file bankruptcy is also a terrible idea. While it may not be improper in your particular case, it could potentially bring attention you do not want to your bankruptcy case. I am not an expert on credit reporting issues but I believe any account you have with a co signer will have a notation that the debt was part of a bankruptcy filing. I am not sure if that affects the co signer's credit score.... Read More

Maybe. It depends on the value of the vehicle. If the vehicle is worth less than the exemption for motor vehicles, you can have the court remove the title loan. This is a complex area and you should consult a bankruptcy lawyer. However, it's never a good idea to take out a secured loan (car title loan or second mortgage) to pay off unsecured loans (credit cards, payday loans, medical bills, etc.).... Read More

The is nothing you can do. The lawsuit is an asset belonging to the bankruptcy estate and the trustee can do whatever he wants with it. His job is to get money for your creditors and if he wants to settle for the amount of debt you owe he has a right to do that. The trustee is not there for you and your protection. Incidentally if this lawsuit was not filed as a potential claim when you filed bankruptcy, CVS can probably avoid paying it all together (to you) under the doctrine of collateral estoppel. You must list all assets, especially potential lawsuits. I am sure if you had told your attorney you had a potential lawsuit worth more than the debts you owed, he may have suggested going in a different direction.... Read More