Although Colorado is a pro-hunter state, it is odd that Colorado law does not provide a gun exemption for a debtor in bankruptcy. Exemptions are laws that allow a person in bankruptcy to keep property even though the property could be sold to pay something to creditors. (more…)
Prepaid debit cards can be garnished. I don’t know how to say it any clearer. I previously wrote two articles on the subject here and here II, but still receive inquires on the issue. I am writing this third article to try and put the issue to rest. Unlike many of the articles out there on this subject, I actually researched my conclusion. I went so far as to speak to a Vice President at one of the major operators who issue prepaid debit cards. We spoke at length about garnishment and how prepaid debit cards work. Without a doubt, pre-paid debit cards can be garnished. (more…)
Debtor’s looking to get out from underneath homes that are upside down in value file Chapter 7 Bankruptcy. Chapter 7 bankruptcy is the right strategy for a debtor looking to walk away cleanly from their homes. However, bankruptcy deals only with the debt, not the title or deed. When you surrender your home in chapter 7 bankruptcy, the debtor discharges any obligation on the mortgage note, but the debtor’s name remains on title. The debtor must be aware of the practical consequences. (more…)
Nothing causes more disarray then having a house with multiple homeowners and one of those owners files bankruptcy. This situation commonly occurs when multiple siblings inherit a family home, or when investors buy property together. Invariably, one owner is in financial trouble and decides to file bankruptcy. When that owner files bankruptcy, what happens to the property? (more…)
Put simply, overdraft protection is a line of credit. If you overdraw your checking account, that doesn’t mean you have passed a bad check. Passing a bad check can lead to a misdemeanor or felony criminal conviction. Triggering your bank’s overdraft protection is you incurring a debt to your bank. (more…)
IRS tax liens in chapter 7 bankruptcy are double edged swords. Tax liens sometimes hurt the debtor, but tax liens can also help the chapter 7 case. This discussion will address what happens to tax debt in chapter 7 bankruptcy when the IRS has a tax lien, and how tax liens can help the debtor. (more…)
Many credit repair outfits claim to be able to remove bankruptcy from a credit report. Is there—really—any legal basis to remove bankruptcy from a credit report?
What does the Fair Credit Reporting Act say about Bankruptcy? (more…)
- 60% of small businesses fail within 5 years.
- 98% of business owners are finding it difficult, or worse, to pay down small business debt.
- 49% of business owners are finding it extremely difficult to pay down small business debt.
- Most small business are funded, in some manner, by debt. (more…)