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Receiving a 1099-C After Bankruptcy


Receiving a 1099-C After Bankruptcy No matter what life circumstances led you to the decision to file for bankruptcy, Garcia & Gonzales, P.C. understands it was a difficult choice. Practicing since 1977, our lawyers have successfully handled thousands of bankruptcy cases and expertly guided our clients through the process of recovery in the wake of financial challenges. At Garcia & Gonzales, P.C., we pride ourselves on our ability to provide compassionate, honest, and thoughtful answers to our clients as they navigate their bankruptcy recovery process. Because no bankruptcy recovery process is the same, our partners will work with you directly to [...]

Receiving a 1099-C After Bankruptcy2020-02-28T19:26:10+00:00

The Supreme Court Updates Bankruptcy Rules


Last year, the Supreme Court approved several changes to bankruptcy results surrounding the administration of consumer bankruptcy cases as well as Chapter 13 cases. It took Congress’s rules committee several years to draft and debate the rule amendments, which took effect Dec. 1, 2017. Let’s take a look at each change. New Bankruptcy Rules The Supreme Court Updates Bankruptcy Rules The following rule amendments help explain why they are important to financial institutes:1 Model Chapter 13 Plan – this new plan allows the person to opt-out in order to perform a local bankruptcy instead. Under the new plan, an [...]

The Supreme Court Updates Bankruptcy Rules2020-02-13T19:39:12+00:00

8 Tips for Fixing Your Credit Rating Following Bankruptcy – Part 2


In Part 1 of this series on tips for fixing your credit rating after a bankruptcy, we talked about the first steps to take to get your financial affairs back in order. Building your credit back up, as we discussed, involved gathering your credit reports, disputing negative comments and errors on your credit reports, and using kindness to your advantage to try and get negative credit report remarks removed, and jumping back into using credit cards. If you’ve taken the initiative and you’ve done the first four steps, chances are your credit score has gone up. Now, let’s take a look [...]

8 Tips for Fixing Your Credit Rating Following Bankruptcy – Part 22018-05-25T15:29:42+00:00

8 Tips for Fixing Your Credit Rating Following Bankruptcy – Part 1


So, upon the advice of your legal advisors, family, or friends, you wiped the slate clean and filed bankruptcy. Now, you are wondering what to do next after the dust has settled on your financial life. Maybe you’re young and you made some mistakes, or you made some bad business decision, but now you plan to come back stronger than ever. There good news – you can put a bankruptcy behind you. You can even heal your aching credit score, so that someday you’ll be able to buy the house you always wanted or expand your business with a loan. Fixing [...]

8 Tips for Fixing Your Credit Rating Following Bankruptcy – Part 12018-05-25T15:40:54+00:00

7 Things You Should Know Before Filing for Bankruptcy


Every one of us knows a company that we’ve liked or enjoyed the services of that have gone bankrupt. Here’s a quick historical list of the 10 biggest American companies that have filed for Chapter 11 bankruptcy in the last two decades: American Airlines in 2011 (reformed under new management) Chrysler in 2009 (restructured) MF Global in 2011 (DOA) Conseco in 2002 (restructured) Enron in 2001 (DOA) CIT Group in 2009 (re-emerged) General Motors in 2009 (government bailout saved GM) WorldCom in 2002 (regrouped as MCI, later sold to Verizon) Washington Mutual in 2008 (JP Morgan bought up the remnants) [...]

7 Things You Should Know Before Filing for Bankruptcy2018-03-08T20:40:26+00:00

6 Strategies to Avoid/Limit Debt & Save Your Credit


Like it or not, accumulating debt has become an American tradition. Just look at our government, which is about $20 trillion in debt. Individually or jointly (married), we’re not much better, seeing as 80 percent of Americans are reportedly in debt with an average debt burden of $67,900 hanging over our heads, according to a 2015 report by Pew Charitable Trusts report.1 There is a slight bright side to these figures, because 44 percent of those in debt are there because they are carrying a home mortgage, which helps consumers build equity and financial value. Getting ahead and buying a [...]

6 Strategies to Avoid/Limit Debt & Save Your Credit2018-02-15T17:00:14+00:00

Will I Lose My Home If I File for Bankruptcy?


Not necessarily, as whether or not you can retain your home through a Colorado bankruptcy case will depend on a number of factors. Some of these include: Whether you take advantage of the Colorado homestead exemption The value of your home/property. Clarifying this answer a bit more, the following presents some of the most important facts to know about the Colorado homestead exemption for Chapter 7 bankruptcy cases. Although the information below is helpful, please feel free to contact an experienced Denver bankruptcy attorney at Garcia & Gonzales, P.C. when you need more specific information and insight regarding your debt [...]

Will I Lose My Home If I File for Bankruptcy?2018-02-15T17:04:50+00:00

Bankruptcy Planning 101: 6 Things to Do before Filing for Bankruptcy


When bankruptcy is your best option for resolving major debt issues, what you do in the planning phase – before you file your bankruptcy petition – can be critical to how smoothly your future case proceeds. It could also impact how your case ends up being resolved and how much money and time you have to spend to reach that resolution. To help people understand how to position their future bankruptcy case for success, the following are some of the most important steps to take during the planning stage: Take the bankruptcy means test – The bankruptcy means test is [...]

Bankruptcy Planning 101: 6 Things to Do before Filing for Bankruptcy2018-02-15T17:09:35+00:00

5 Options You Have When You Can’t Pay Your Bills


Are you struggling to pay all of your monthly bills? Is your debt starting to snowball because you simply can’t keep up with your bill payments? If so, there may be various options for addressing the outstanding debt before it gets out of control – and before creditors start moving forward to garnish wages, repossess your assets and/or sue you. What You Can Do When You Can’t Pay Your Bills Cut back and try to free up some more funds – Take a close look at how you spend money on a monthly basis to see if there are any [...]

5 Options You Have When You Can’t Pay Your Bills2018-02-15T17:10:59+00:00

6 Money Mistakes that Can Lead to Bankruptcy


Serious debt issues can arise when finances are mismanaged. Although there can be a lot of factors that contribute to people’s financial decisions and possibly their debt, however, the following are some of the most common and costly money mistakes that can exacerbate any financial situation – and that may trigger: Rapidly snowballing debt The need to file for bankruptcy in the future in order to get a financial fresh start. Avoid Making these Money Mistakes Being misled by common spending traps – Spending traps refer to offers that may seem like “deals” but that actually incentivize you to spend [...]

6 Money Mistakes that Can Lead to Bankruptcy2018-02-15T17:12:10+00:00