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Chapter 13 bankruptcy could be the right choice for you

Bankruptcy isn't always easy, but it can be the right solution for some people who are struggling with money. Whether you're still working and are trying hard to make ends meet or cannot work as a result of your circumstances, it's important to know if and when bankruptcy may be the right choice for you.

Bankruptcy comes in a few forms, but one that is talked about less than it should be is Chapter 13. Chapter 13 bankruptcy is special, because it doesn't require you to liquidate any of your assets. Federally, if you have debts less than $394,725 (unsecured) and $1,184,200 (secured), you can apply for Chapter 13 bankruptcy.

Even toddlers need to know what's happening during divorce

The end of a marriage is tough but having to get your kids through it is often more difficult. They may not be old enough to understand why mom or dad isn't living in the same home any longer. They might not understand why you argue or can't spend time together.

It's not easy to raise a child and go through a divorce at the same time, but it's possible to make the situation easier on your child. Even if your child is only 1 or 2 years old, there's a potential to have a small conversation about divorce and what's happening in an age-appropriate way.

3 misconceptions about bankruptcy

Bankruptcy is a loaded term. It may invoke feelings of fear or confusion. This is especially true because there are so many widely-held misconceptions about bankruptcy. Many of the things you hear about bankruptcy from others are simply not true.

How can you know what beliefs about bankruptcy are right or wrong? Here are some of the most common misconceptions about bankruptcy so you can know the truth.

Disabilities threaten marriages in the United States

With so many people celebrating the fact that they can now marry into a same-sex marriage legally throughout the United States, it may seem shocking that some of these individuals would feel forced to divorce. Like other married couples, some people in a same-sex relationship now face a problem. If they have a disability and need Medicaid, they may have to divorce.

People with disabilities may need Medicaid to guarantee health care. In 2019, individuals with disabilities are held to a strict income limit of only $1,157 for a married couple if both spouses are applying and $771 a month for single applicants. Community spouses, those who aren't applying, can have countable assets up to $126,420. That doesn't leave a lot of room for errors, even with the home being excluded up to a state-specific value.

LGBT families face unique child custody issues

Colorado has come a long way since the passage of Amendment 2 in 1992. While national newspapers and television networks called Colorado, “the Hate State,” that year, the entire ordeal seems like a distant and terrible nightmare. Nowadays, the Centennial State has an openly gay governor, a burgeoning population of free-thinking citizens and hundreds of LGBT groups. 

If you are part of an LGBT family, you likely appreciate Colorado’s evolution on gay issues. Still, like any other family, LGBT couples routinely go through divorces and separations. If you have children, you want what is best for them. Nonetheless, there are some unique child custody issues that more commonly affect LGBT spouses. 

New bill may approve legal sports betting, increase gambling

An interesting possible bill could change the way sports betting works. In addition, it could impact those who gamble and then seek bankruptcy protection.

The Finance Committee of the Colorado House of Representatives held the first meeting on the potential bill on April 22. The bill would allow legal sports betting within the state. Interestingly, it has bipartisan support, because it's believed that supporting legal betting will help eliminate the black market for sports betting.

Is it possible to eliminate medical debt?

Medical debt can seem overwhelming, especially when you're dealing with trouble with your health. You may not be able to work as much as you'd like or be suffering from a disability that has reduced your ability to maintain a regular income.

When you receive a bill for thousands of dollars, it's hard to imagine ever being able to pay it back. Fortunately, there are ways to reduce what you owe.

Parenting can be hard, but a good plan makes a difference

In homes where two parents get along and work well together, it can be hard to raise children on the best of days. That's why it is so easy to understand the difficulty of raising children when parents are in a state of conflict.

Two people who don't get along well are bound to have some disagreements when it comes to raising their children. As a parent, though, it is your responsibility to make sure you and the other parent can come to an arrangement that you both agree on. You may have a loose set of rules that your child or children have to follow at each home or have special rules for deciding on how you raise your child in a specific faith.

Can you declare bankruptcy for student loans?

There is a genuine student loan crisis happening in the United States. Many millennials going to college take out tens of thousands of dollars' worth of loans, and they are generally unable to pay them off. The federal government has attempted to reduce this hardship through student loan forgiveness programs and caps on interest accrual. 

Bankruptcy is the process by which a court discharges certain debts. It is a great way for people inundated with medical or credit card debt to find relief. However, bankruptcy typically does not discharge student loan debts because those fall into a different category. 

Same-sex divorce: The rules aren't firm

You're an older same-sex couple, and you know that many things have changed in today's world. Since the 2015 Defense of Marriage Act, it's been legal to get married anywhere in the United States.

Sadly, just like heterosexual marriages, same-sex marriages can end in divorce. They're more complicated than heterosexual divorces overall, though, because the rules on how to handle them are still being developed. It's easy to say that these types of divorces are the same, but the two are very different.

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