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Chapter 13 bankruptcy: A great way to reduce what you owe

Chapter 13 bankruptcy is not what most people usually think of when they hear the term "going bankrupt." For most, the idea of bankruptcy is actually a Chapter 7 bankruptcy, which results in the liquidation of at least some assets.

Chapter 13 bankruptcy is completely different, and it's a type of bankruptcy you may be able to qualify for even if you have an income that is too high to qualify for Chapter 7 bankruptcy. Known as a wage-earner's plan, Chapter 13 bankruptcy allows you to pay a single payment each month to cover your debts. After three to five years of on-time payments, any remaining debts are then discharged.

Talk to your children about divorce to help them cope

As a parent of multiple children, something you're going to notice during your divorce is that they have different ways of coping. One child might act out, and the other child might become reserved or quiet. One may be sad, and the other may become reckless.

It's hard to know exactly how your kids will respond to divorce, but the one thing that is certain is that you need to take the time to talk to them about the divorce and how it will affect them. Being clear about what is going to happen is a good way to give your kids a chance to explore that future and to start coping with changes as they arise.

Understand who can file for Chapter 7 bankruptcy

A bankruptcy may seem like something that would permanently harm your credit or ruin your life. You might think it would leave you with little to nothing to your name and that you'll have to start over. Depending on your circumstances, you may believe that it is too much to risk.

The reality is that the idea of being left with nothing is a myth about bankruptcy. In fact, there are several kinds of bankruptcy that can help you keep most, if not all, of your assets. The primary form of bankruptcy that people use is Chapter 7 liquidation, which requires the sale of nonexempt assets to pay down debts.

How to know if bankruptcy is the right choice

Bankruptcy has a stigma attached to it. However, it is often a beneficial process for people in Colorado to use when debt becomes too much to handle. The state of Colorado offers services to help people get their finances back on track, such as credit counseling and means test information. 

Before going through with bankruptcy proceedings, many people wonder if it is truly the best course of action to take. People thinking about pursuing this should consider the following points so that they can go into it with peace of mind. 

Warning signs of parental alienation during divorce

As you begin your divorce, you may have a lot of concerns about child custody. One of your worries may be about the other parent turning your children against you. If your spouse disparages you and attempts to break your bond with your children, you may be dealing with a case of parental alienation syndrome.

Children deserve to have ongoing and close relationships with both parents, as long as there is no neglect or abuse. If you think your spouse may be trying to alienate you from your children, you may be able to use it to get more custody. Here are a few warning signs that parental alienation is taking place during your custody dispute.

How does bankruptcy impact your credit score?

Bankruptcy is sometimes a necessary action to protect your finances in the long run. One area where you will take a hit in the immediate future is your credit score

Many people naturally worry about suffering from poor credit after applying for bankruptcy. For the most part, the pros far outweigh the cons. It is vital to remain cognizant of what will happen to this aspect of your life so you can adequately prepare. 

Impact of criminal background on divorce

While many divorces are straightforward, there are certain matters that can complicate issues. Many spouses going through a divorce worry if a criminal background will come back to bite them.

What is the rule in Colorado? Every case is different, and you will need to speak with your attorney to anticipate whether your ex will use your criminal past against you when it comes to alimony or child custody. 

3 situations that may necessitate a conservatorship

There are many situations wherein an adult may be unable to maintain her or his autonomy or rational capacity. Taking responsibility for a child is typically a straightforward process as one applies to be their guardian, but when the individual who needs care is of legal age, it can be a more difficult situation. This is exactly what a conservatorship is for, though, and there are a number of situations where such an arrangement may be necessary.

Following are three examples of situations in which you may consider pursuing a conservatorship. If you think this may be the best option, you should consult with a lawyer for more information on the legal process of establishing a conservatorship and ensuring you meet the criteria.

What are the differences between Chapter 7 and Chapter 13?

If you are one of the many Colorado residents whose credit card and other debt has accumulated to the point where you do not earn enough to make all your payments and still eat and keep a roof over your head, you may be considering bankruptcy as a last resort. While you probably have heard about both Chapter 7 and Chapter 13 bankruptcies, you may be unclear as to exactly what they are and which one is right for you.

Chapter 7 bankruptcies account for nearly 71 percent of the bankruptcies filed. Not only are they the simplest type of bankruptcy, they give you a fresh financial start and do so in a reasonably short period of time. However, a Chapter 7 bankruptcy has income standards you must meet in order to file one. You should contact an experienced bankruptcy attorney who can explain Colorado’s Chapter 7 income requirements and answer all your other questions as well.

Is an uncontested divorce a possible option for you?

If you are ready to get a divorce but holding off on filing because the thought of going to court is too overwhelming, you might feel encouraged to learn that there are other ways of ending your marriage besides having a judge make all the decisions. Uncontested divorce is becoming more popular for divorcing couples in Colorado and elsewhere.

Mediation is a particularly effective form of uncontested divorce. During the mediation process, you and your spouse will attend sessions with a certified mediator or family law attorney with mediation experience. In many cases, the attorney also has a certifications in mediation to better serve his or her clients. Mediation may be over in as few as one or two sessions, although six to 10 sessions are normal for most couples.


Martinez Law Firm, LLC
7175 W. Jefferson Ave, Suite 2800
Lakewood, CO 80235

Phone: 720-889-3355
Fax: 303-648-4572
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