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    Archive for July, 2013

    Financial Advice to Consider Prior to Filing for Divorce (Part 2)

    Posted on: July 16th, 2013 by WebAdmin
    Some of the things couples can do to get their finances organized before filing for divorce include closing joint accounts and opening up accounts in their name only.

    Some of the things couples can do to get their finances organized before filing for divorce include closing joint accounts and opening up accounts in their name only.

    Continuing from Financial Advice to Consider Prior to Filing for Divorce (Part 1), here are some additional financial matters that will be essential for couples to deal with before they official file for divorce. By taking these steps, each individual involved in the divorce can save themselves thousands of dollars in attorneys’ fees while also avoiding some of the emotional stresses that are generally associated with divorce.

    • Get accounts that are in your name only – While this will involve closing all joint accounts possible, it will also require you to open up new accounts that are only in your name. Some of the important accounts that this process will involve include bank accounts, credit card accounts, etc. By closing all possible joint accounts prior to filing for divorce, you can protect yourself from the possible situation of having your soon-to-be-ex-partner drain your bank account and/or run up charges on credit cards if the divorce proceedings start to become contentious.
    • Figure out how the marital debt will be paid off – Any debt that you and your spouse acquired while married will have to still be paid off, and creditors can go after both you and your partner for such debt even after you are divorced. If possible, try to work out a payment plan with your partner that will get this shared debt paid off as quickly as possible. It will also be important to close accounts on which there is shared debt so that your partner will not be able to add additional charges/accrue more debt that you will still be legally responsible for.

    Colorado Bankruptcy Lawyers

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    Financial Advice to Consider Prior to Filing for Divorce (Part 1)

    Posted on: July 11th, 2013 by WebAdmin
    Couples who takes steps to get their finances in order prior to filing for divorce can save themselves thousands of dollars.

    Couples who takes steps to get their finances in order prior to filing for divorce can save themselves thousands of dollars.

    While divorce is generally an emotionally stressful time for any couple, it can also create an incredible stress on couple’s finances. In fact, divorce is one of the primary factors that causes many Americans to be plummeted into serious debt, and it is one of the top reasons that many Americans ultimately find themselves needing to file for bankruptcy. This is because, while divorce itself can be an expensive process, it can also leave individuals burdened with their ex-spouse’s debts, which can damage their credit score and weigh them down with old financial obligations for years to come.

    However, if divorcing couples take the time to get their finances in order prior to filing for divorce, they may be able to save themselves from having to suffer incredible stress and from having to pay thousands of dollars down the line. Some of the things that divorcing couples can do to get their finances organized prior to filing for divorce include the following:

    • Compile all necessary financial documents – While a divorce lawyer can gather all of your financial documents, these attorneys can charge you hundreds of dollars per hour for something that you can likely do yourself. Some of the relevant financial documents that will be important to compile will include mortgage and loan agreements, pay stubs, tax documents, deeds or titles to property, bank account and credit card statements, insurance policy documents, etc. These documents will later be used during divorce proceedings to establish the couple’s assets, debts and each party’s income.
    • Have appraisals done on all marital assets – Having a professional estimate of the value of your home(s), car(s), jewelry, artwork and other assets will save you large amounts of money in divorce attorneys’ fees. Additionally, it can also help divorce proceedings progress more quickly, as this discovery work will already be done, allowing the family court judge to focus on the division of assets sooner than would otherwise be possible.

    Colorado Bankruptcy Lawyers

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    An Overview of Colorado Bankruptcy Exemptions (Part 2)

    Posted on: July 9th, 2013 by WebAdmin
    Colorado bankruptcy exemptions determine what assets debtors can keep when they file for Chapter 7 or Chapter 13 bankruptcy in Colorado.

    Colorado bankruptcy exemptions determine what assets debtors can keep when they file for Chapter 7 or Chapter 13 bankruptcy in Colorado.

    Picking up from An Overview of Colorado Bankruptcy Exemptions (Part 1), here are some additional bankruptcy exemptions that debtors who file from bankruptcy can use in order to keep some of their assets and property. When spouses file for bankruptcy together (i.e., jointly file for bankruptcy), they can effectively double these exemptions because each spouse will be allowed to claim up to the maximum amount of the exemption for a particular asset.

    • Personal property – These assets can include clothes, jewelry, household appliances, etc. For household goods and clothing, bankruptcy petitioners can claim up to $3,000 and $1,500 respectively, in bankruptcy exemptions. Colorado laws also allow for up to $2,000 in jewelry exemptions and up to $50,000 in livestock exemptions.
    • Pensions, Insurance benefits and other benefits – Pensions, group life insurance policies (and life insurance proceeds), workers’ compensation benefits, veterans’ benefits and unemployment benefits will all be 100 percent exemption from a bankruptcy case unless a debtor has an unpaid child support claim filed against him. Additionally, up to $200 per month from disability insurance also qualifies as a bankruptcy exemption.
    • Tools of the trade – Debtors can claim up to $20,000 in work-related tools as being exempt from bankruptcy proceedings.
    • Compensation for criminal behavior – Also referred to as restitution payments, the entire sum of these payments will qualify as a bankruptcy exemption.
    • Burial sites – Debtors can claim one burial site for themselves and one for each dependent as bankruptcy exemptions.

    Because the laws governing Colorado bankruptcy exemptions are regularly changed, debtors should not attempt to file for bankruptcy without the help of an experienced attorney, as they could be missing out on some key exemptions that would allow them to keep as much of their assets as possible.

    Colorado Bankruptcy Lawyers

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    An Overview of Colorado Bankruptcy Exemptions (Part 1)

    Posted on: July 6th, 2013 by WebAdmin
    Colorado bankruptcy exemptions set the maximum values for homesteads, motor vehicles and other assets that debtors can keep when filing for bankruptcy.

    Colorado bankruptcy exemptions set the maximum values for homesteads, motor vehicles and other assets that debtors can keep when filing for bankruptcy.

    Bankruptcy exemptions dictate what property and assets debtors will be allowed to keep because these assets will not have to be included in the bankruptcy estate (and, therefore, will not have to be used to pay off creditors). Although some states will allow debtors to choose between using state or federal codes when it comes to bankruptcy exemptions, according to Colorado laws, everyone who files forChapter 7 or Chapter 13 bankruptcy in the state must use state statutes. While the laws covering Colorado bankruptcy exemptions are regularly updated, the following reflects these exemptions (and the allowable maximum values of them) per current Colorado laws:

    • Homestead or residential property – A debtor can claim up to $60,000 in equity of his home as being exempt from bankruptcy. If the debtor has a spouse or dependent who is elderly (older than 60 years old) and/or who is disabled, he can legally claim up to $90,000 in homestead bankruptcy exemptions.
    • Income – If a bankruptcy petitioner has a job and is earning an income, up to 75 percent of his earnings or up to 30 times the minimum weekly wage can be exempt from bankruptcy estates.
    • Motor vehicles – Debtors can claim up to $5,000 for one or more motor vehicles as a bankruptcy exemption. If the debtor is elderly or disabled or has an elderly or disabled spouse or dependent, up to $10,000 in motor vehicles can be exempt.

    It’s important to note that spouses who are jointly filing for bankruptcy can effectively double these exemptions, as the husband and the wife will be allowed to claim up to the maximum value for each of these bankruptcy exemptions (a practice that may be referred to as “doubling” exemptions).

    Colorado Bankruptcy Lawyers

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience and our dedication to our clients allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    
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