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Family Law Site

May 2012 Archives

Colorado: Can you prevent a foreclosure with Chapter 13?

The answer to that question is maybe. Since a Chapter 13 bankruptcy allows you to reorganize your debts through a plan approved by the bankruptcy courts, it may be possible to save your home from a foreclosure. Let's begin by discussing how a chapter 13 bankruptcy filing works. When you elect to file a Chapter 13, you are telling the bankruptcy judge that you wish to repay your debts, however are unable to do so at the present time.

Lakewood, Colorado - can you pass the credit score quiz?

A new quiz put out by the Consumer Federation of America allows consumers to check their knowledge of what goes into and affects your individual credit score. It is rather thorough and a great tool for Lakewood, Colorado, parents to use in teaching their high school grads about finances and credit. Teenagers might not want to take yet another quiz as graduation looms, but this one could be a lifelong lesson in managing their personal credit score from the beginning, before the credit card companies' start offering your kids instant access to untold funds when they get to college.

Ex-wife files bankruptcy on joint account - are you still liable?

An ex-husband recently asked a bankruptcy advisor columnist a question that we thought was rather interesting, so we thought our Lakewood, Colorado, readers might be interested also. The question surrounds a joint account for a loan on a motorcycle. The ex-husband has been making every payment since the loan originated, and their property settlement in their divorce states he will receive the title at the end of the loan.

Federal Mortgage Forgiveness Debt Relief Act expires this year

Colorado residents who are struggling with mortgage debt and do not already know about the important tax break known as the Mortgage Forgiveness Debt Relief Act, should act fast if they want to take advantage of it. The debt relief program was passed in 2007 and allows the federal government to provide tax breaks to distressed homeowners who are lucky enough to work out a deal with their lender and reduce or eliminate their mortgage debt.

Is it possible to file personal bankruptcy more than once?

Changes to the bankruptcy laws in 2005 changed the limits on how many times a person can file bankruptcy as well as the number of years required between bankruptcies. However, if you filed for bankruptcy and never received a discharge, for example a Chapter 13 bankruptcy, which is a debt consolidation and repayment plan for individuals, and your debts were repaid, than these new rules do not apply.