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29 Jul 2013
Any decent financial advisor will be careful to warn clients against the perils of taking on too much debt. Not only will a heavy debt load damage your credit score, it will put you at a much higher risk for bankruptcy, especially if you suffer a job loss. Bankruptcy presents some major challenges for individuals and families, who may need to give up some major assets in exchange for a "clean slate," so one would expect them to do everything possible to avoid a second bankruptcy. But old habits die hard, and without good financial counseling a person remains vulnerable…
5785 times
14 Mar 2013
According to federal law and the United States Bankruptcy Court, the rules concerning personal bankruptcy in Title 11 were passed by Congress in accordance with its Constitutional grant of authority. While states may pass laws that govern other aspects of a debtor-creditor relationship, they may not regulate bankruptcy itself. It is important to understand this as so many individuals are uninformed about bankruptcy laws. If you are considering filing for personal bankruptcy, you will only need to be concerned with two types – Chapter 7 and Chapter 13. While it's certainly not required that people use an attorney, it is…
6360 times
26 Nov 2012
Having lenders forgive debt can be a godsend for those who are unable to pay their bills; however, depending on when this debt forgiveness occurs, borrowers may find themselves having to deal with some negative consequences when it comes to paying taxes. Also referred to as “cancellation of debt” (COD), debt forgiveness can translate into taxable income. Specifically, when a lender discharges a borrower's debt, the lender is required to report the monetary amount of this discharge as cancellation of debt income to both the borrower and the IRS (Form 1099-C is the tax form used to report COD income…
5937 times
15 Jul 2012
A Colorado bankruptcy can provide you relief from a long list of creditors. Our Chapter 7 bankruptcy attorneys know that this includes credit card bills outstanding medical balances and business debts. However, there are certain debts that are almost never dischargeable. Generally, those are going to include student loans and taxes, though there are special circumstances in which you can apply for an exception. Child support payments, however, you will almost certainly continue to pay. That was the issue in the case of Florida v. Davis, recently heard by the U.S. Appeals Court for the Eleventh Circuit. Although this was…
5738 times
25 Jun 2012
There are a large number of so-called debt settlement agencies advertising services that boast that they can help you avoid a Chapter 13 bankruptcy in Colorado Springs. If you have overdue medical bills, late car payments and credit cards with sky-high interest, you know you have to take some form of action. And it can be tempting to want to avoid any negative marks on your credit. But Colorado Springs bankruptcy lawyers know that first of all, a lot of these companies pose a buyer beware situation. A lot of them charge high rates for actions you may be able…
5879 times
13 Jun 2012
Chapter 13 bankruptcy attorneys in Colorado Springs know that when you're trying to keep your head above water, your credit score can get put on the back burner. A late bill here, an unexpected expense there - it all begins to snowball. Some of things may be beyond your control. However, there are likely other actions you are taking that you may not even realize are negatively impacting your score. A Chapter 13 bankruptcy works to help reduce the risk of a plummeting credit score while simultaneously helping you wipe out your debt. That said, working to rebuild your score…
5710 times
06 Jun 2012
Increasingly, cash-strapped companies are passing that pain onto their employees - with the end result being reduced or frozen wages and waning benefits. Colorado Springs bankruptcy lawyers know that in this market, those are often things so many of us can't afford to lose. Declaring a Chapter 7 or Chapter 13 can help by granting you the option of starting on a clean slate. To get a better sense of what's happening with employers and employees across the board, let's take a look at the numbers: Since 2007, some 40 percent of employed adults have experienced their benefits declined or…
5426 times

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     Colorado Springs, CO 80903

 Phone: (719) 520-0164

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