Some Colorado residents may be hesitant to apply for debt relief because they worry that it will ruin their credit scores. Filing for bankruptcy affects credit. However, it is typically a temporary condition, and in many cases, bankruptcy lays the groundwork for...
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US air travel affiliate has filed for Chapter 7 bankruptcy
The good news about financial crises is that most are temporary. It is not uncommon for a Colorado resident or company owner to encounter money problems. When a corporation or individual cannot pay off debt to restore financial stability, it is helpful to explore...
Bankruptcy Basics: The Benefits of Chapter 7 Bankruptcy
It may seem like an oxymoron to discuss the “benefits” of bankruptcy, but the reality is that in some cases, bankruptcy can be the second chance that you or someone needs to get back on their feet financially. Unlike bankruptcies from a century ago, bankruptcies of...
You’re Still on the Hook: What CANNOT Be Discharged in a Bankruptcy
For many facing a looming crisis with debts, bankruptcy can represent a lifeboat that can help them stay afloat and have enough time to reorganize or negotiate with creditors. Bankruptcy also allows debtors to discharge (or be forgiven) certain debts thus helping them...
5 Harmful Myths About Bankruptcy
CORRECTION!! This blog contained out of date information and has been corrected. The exemptions for homestead in Colorado have been increased and currently are $75,000 (or $105,000 if the home is occupied by a debtor who is disabled or over 60 years old). There are...
What Happens to My Home if I File for Bankruptcy?
Many people assume that they will lose everything they own if they file for bankruptcy, including their home. This is a common misconception that is in many cases untrue. Regardless of whether you file a Chapter 7 or Chapter 13 bankruptcy, you will often be able to...
Bankruptcy and Your Credit Score
There is no way around it—filing for bankruptcy will almost certainly leave you with a big, black mark on your credit report. However, your overall credit profile determines the kind of impact that bankruptcy will have on the credit report. Despite the fact that it...
Understanding the Difference Between Chapter 7 and Chapter 13 Bankruptcy in Layman’s Terms
If you are in some sort of financial distress, and unable to pay your debts, there is a good chance bankruptcy could be the best possible remedy available to you. Unfortunately, most people harbor a negative stigma regarding bankruptcy simply because they do not truly...