Granada, CO Bankruptcy Law Firms & Lawyers

You may not want to file a bankruptcy if it has been more than 5 years since you stopped paying your credit card debts. If no creditor obtained a judgment against you, the debts will no longer reported on your credit report once the debts are more than 7 years old. A bankruptcy would hurt your credit and start a new clock running with at least a three year negative impact. You need to meet with an attorney who can go over your credit situation and then you can make a decision whether you are likely to be better off simply waiting a little longer or going ahead and filing a bankruptcy. Of course, this is a balancing situation and good advice is important to help you weigh your options.

What is the garnishment for? If it's a debt that will be discharged in the bankruptcy, then you don't account for it in your schedules since this debt won't exist. I know this is counterintuitive because B22 form looks backwards in time, but that is how it works. There is no place to specifically put a garnishment on form B22. If however, the garnishment is for non-dischargeable debt like family support or past due income taxes (some taxes are dischargeable and some aren't depending on some facts) then you list the full amount owed on Schedule E and then on B22 line 43 you list a calculated amount. The formula is total amount owed divided by 60. Are you certain you have to fill out the entire B22? The answer depends on whether you qualify for exemption and (and this is the most frequent exemption) whether your CMI is below the median. Make sure you calculate the CMI correctly as I've seen mistakes here by people who started out trying to do this on their own and then gave up and brought to the me forms they completed. If you are above the median then it would be a good idea to retain an attorney to help you pass the Means Test as here again people without experience in this area of the law tend to misunderstand the deductions available to them. Can I just say that filing on your own without assistance of counsel is not just nerve wracking but could be dangerous. Even attorneys who practice other types of law will typically hire a bankruptcy attorney to represent them. As you no doubt already discovered the petition is quite long and detail intensive. Someone who does this on a regular basis can navigate this process without mistakes and problems. Having said that, if you go forward on your own, I sincerely wish you the best of luck and I hope the information here helped.

I, nor anyone on the Internet, can rationally answer your question. Your bankruptcy attorney should be able to do so. If you do not have representation I would suggest you engage a bankruptcy practitioner immediately to represent your interests.