Today’s letter is “C” for “Cramdown”. What’s a cramdown? A cramdown is what it is called when the Bankruptcy Court reduces the amount owed on a secured claim so that it is equal to the value of the property to which it is secured. In my practice as a Colorado Springs Bankruptcy Attorney, most commonly, cram downs occur when […]
Using your credit card to buy holiday gifts could result in your having to pay that debt, even if you file for bankruptcy. As a Colorado Springs Bankruptcy Lawyer, I often explain to my clients that the Bankruptcy Code sometimes presumes such use to be fraudulent. If you use credit to purchase luxury goods or services […]
As of November 1, 2011, it got just a little bit tougher to qualify to file a Chapter 7 Bankruptcy here in Colorado Springs and throughout the rest of Colorado. That’s because the median income here in Colorado once again dropped. So why should that make it tougher? Well back in 2005 Congress decided that […]
Filing a Chapter 7 or Chapter 13 bankruptcy in Colorado Springs can give you a lot of options when deciding whether to keep your house or put it on the market. They can be a great help to you and, even if you have no interest in filing for bankruptcy, it can never hurt you […]
The SINGLE best reason for people in Southern Colorado to get advice from a Colorado Springs bankruptcy lawyer before selling their home is to save money, possibly a great deal of money. I’ll tell you ten ways to do so—three today and then the rest in my next couple of posts. 1. Avoiding judgment liens: […]
Why? Because you may be able to keep a car you thought you couldn’t afford. As a Colorado Springs bankruptcy attorney, in certain cases I’ve been able to use Chapter 13 to allow my clients to pay smaller monthly car loan payments. You may even be able to pay off your car loan and own the […]
“How do we pick ourselves up when Wall St.’s stealing our bootstraps?” “We are not leaving. Not while the richest 1% own 75% of the USA’s wealth. “ These were some of the hand-written signs at the ongoing “Occupy Wall Street” demonstration in front of and around the New York Stock Exchange as it entered […]
Both Chapter 7 and Chapter 13 stop a foreclosure of your home. One or the other COULD be better for you. Which one is it? Many considerations come into play when deciding whether a Chapter 7 or 13 bankruptcy will be the better path for you. If we focus only on the factors involved in […]
Both Chapter 7 and Chapter 13 can help you save your home. Which one is better for YOU? You’ve probably heard that filing a bankruptcy stops a foreclosure. You may have also heard that Chapter 13—the repayment version of bankruptcy—can be a good tool for saving your home in the long run. Both statements are […]
Does the recent increase in foreclosures signal the long-anticipated surge in defaults of adjustable-rate mortgages that were scheduled to reset their interest rates right about now? That’s a question that came to mind when I noticed the recent uptick in new home foreclosures. Option ARMs gave borrowers a choice of paying principal and interest, interest-only, […]
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