Posts by: Brian Methner
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Question: I have had 2 loans out for about 2 years now, one secured one unsecured. I have been paying them throughout the 2 years on time but have recently had my hours cut from full time to part time. I am unable to afford to pay the loans and am [...]
Continue Reading →When filing for bankruptcy, there are certain assets you may retain in bankruptcy and certain assets you will either have to manage prior to or within bankruptcy; surrender; or pay the trustee to keep in bankruptcy. Assets you are able to keep are dictated by your State Exemptions Laws (See Colorado Revised Statutes if you [...]
Continue Reading →You may wish to avoid making certain charges on your credit card prior to bankruptcy, especially if you are going to incur significant debt just prior to filing your case. Using your credit card to pay for your mortgage will raise a red flag if you file your case soon after. If you choose to [...]
Continue Reading →As a general rule, tax refunds are non-exempt assets, for which turnover to the trustee is required in bankruptcy (with some exceptions for certain tax credits). In your case: 1) If you did not have a job prior to bankruptcy; 2) You filed your bankruptcy; 3) You then obtained employment after filing; and 4) It [...]
Continue Reading →In bankruptcy, a reaffirmation agreement refers to an agreement made between a creditor and the debtor that waives discharge of a debt that would otherwise be discharged in the bankruptcy proceeding. Often times, this agreement is entered into so a debtor may keep some sort of property (usually a vehicle). Most statutory authority for reaffirmation [...]
Continue Reading →In some cases, purchasing a vehicle prior to filing a bankruptcy may help to lower your disposable income which may result in either a Chapter 7 or a lower payment within a Chapter 13 Plan. Whether this may benefit you, in particular, is difficult to say because each client possesses specific issues that truly have [...]
Continue Reading →In bankruptcy, the automatic stay was conceived as an automatic injunction that suspends or halts actions taken by creditors against the debtor who is filing for bankruptcy protection, to include litigation. Under Section 362 of the US Bankruptcy Code (11 U.S.C. 362) the stay is imposed the moment a debtor files their bankrtupcy petition. Given [...]
Continue Reading →In short, the answer to this question is yes. However, I must ask whether your drop in income is definite and/or whether it may be documented? If so, a bankruptcy court does have discretion to consider changes in a Chapter 13 Plan if a debtor’s income or expenses are known or virtually certain at the [...]
Continue Reading →The answer is not necessarily that simple to answer, given each client has separate priorities. Having said this, a client may very well be left with liabilities at the end of the day, no matter what decision he or she makes.
One option for homeowners suffering financial hardship may be a “short sale,” in which [...]
Continue Reading →In short, yes. I have many clients who seem surprised this year when discovering the generous “credit” the federal government provided to them when they purchased their home two years ago was, in fact, a loan. My clients are not alone. In fact, all who purchased a home between April 8, 2008 and Jan. 1, [...]
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