Archive for category bankruptcy
Motorcycle accidents caused by driver error
Posted by denverheat in Firing your Attorney, bankruptcy, bankruptcy lawyers denver, colorado injury lawyer, colorado personal injury, denver family law, personal injury, personal injury attorney on September 10th, 2010
The root cause of most motorcycle accidents is driver error. If the truck driv er is impaired from drugs or sleep deprivation. Other common causes are speeding, poorly loaded cargo and knowingly having mechanical problems. If you were a victim in a Denver motorcycle accident. If the driver involved in an accident was employed by a trucking company or other firm, then they may be liable for accidents. A knowingly incompetent or impaired driver should not be allowed on the road according to civil precedents.
If you were the victim of a motorcycle accident, especially one caused by a professional trucker, you should investigate the driver’s company. Allowing a impaired driver on the road is grounds for a Denver personal injury lawsuit. Driver error is 10X more likely to cause car accidents than weather, or road conditions. Make sure a driver in a Denver car accident were not using prescription or other drugs. Speeding and fatigue are other major factors.
When truckers get paid by how fast they deliver products, it leads to drivers going beyond federal guidelines. Fatigued drivers to fall asleep or not notice or misjudge traffic conditions. This causes Denver traffic accidents. There are service rules for professional drivers on how much they drive a year. Any driver that worked more than 14 hours in a day or drove for 11 straight hours could be liable for a negligence suit. After a certain number of hours in a certain number of days the driver can no longer drive.
To get around this, sometimes truckers fudge the log books. This can be detected with good investigative work by a Denver accident attorney. This is determined by time stamps at ever loading and unloading destination. On the other hand, mis-logging hours by itself is a suable offense.
Another common cause of accidents are those caused by drugs. Some truckers are trying to get around those tests with products specifically designed to defeat these tests. So the federal government now asks companies to look for drug tests from previous companies.
Driving a truck is inherently dangerous because of the blind spots on either side. If a car enters the blind spot, the driver cannot see it. However, it is the driver’s responsibility to monitor cars and motorcycles entering the blind area. Blind spots are dangerous areas that motorcycle riders should avoid. Truckers that try and take a turn too fast may roll over bikes. Improperly distributed truck loads, as well as inexperienced drivers are more likely to be involved in Denver accidents. One way you can find out about these kinds of errors is to access company logs and on-board trackers.
Bankruptcy effects on Retirement
Posted by denverheat in Uncategorized, bankruptcy, bankruptcy lawyers denver, chapter 7 bankruptcy, denver bankruptcy lawyer on June 14th, 2010
Retirement
Bankruptcy is terrifying, especially for those nearing retirement. Current bankruptcy law allows you to keep pensions, 401k and other retirement plans with a few exceptions. Other aspects of retirement planning can be affected by bankruptcy, so it is a good idea to go over these regulations in detail with a Denver bankruptcy law.
Under the new federal bankruptcy laws established in 2005, retirement plans and pension plans are exempt from any claims by creditors. The exemptions are essentially unlimited as long as they qualify as a retirement plan. Examples of exempt retirement plans are 401k, 403b, IRAs, Keogh, and some more complicated plans like profit sharing and money purchase plans.
The main exception is that traditional and Roth IRAs are only exempt up to $1 million per person. If your total amount of retirement in different accounts is over a million then the excess amount can be claimed by creditors. The exempt amount is adjusted periodically to match the cost of living. Car accidents and other unforeseen accidents will probably need discussion with the court.
Funds inside an account are exempt, but payments are not. Funds in excess after paying for your living expenses can be garnished in a chapter 7 bankruptcy. Heating and air conditioning bills are considered living expenses. In chapter 13 bankruptcy, all income, including retirement income is included in the overall repayment plan. See my information on chapter 13 bankruptcy at denverinjured.blogspot.com
One more complicated thing you must take care of when it comes to retirement and bankruptcy is loans against retirement plans. Most retirement plans can be used as loan collateral. Whether or not your bankruptcy allows you to get rid of loan payments is dependent on the type of bankruptcy you file. Chapter 7 bankruptcy does not allow cancellation of loans from retirement plans. This is because the loan is technically owed to yourself and not another institution. In chapter 13 bankruptcy, all debts are paid back over a period of time, and once that time is reached, the debts can be discharged.
Regulated payments from your paycheck to an account will probably be held exempt by a Denver bankruptcy court, but voluntary additional payments are not considered necessary, and will not be allowed in a chapter 13 bankruptcy.
2005 Bankruptcy Law Changes
Posted by denverheat in IRS forms, bankruptcy, bankruptcy lawyers denver, chapter 7 bankruptcy, denver bankruptcy lawyer on June 14th, 2010
Bankruptcy
Bankruptcy lawyers are fully aware of the changes that have happened to both chapter 7 and 13 federal bankruptcy law since 2005 code changes, but the average person using old information from the library to file may not be so lucky. The main difference to the law is that chapter 7 bankruptcy is now harder to file. States with personal income tax like Colorado make it harder to file without the help of a Denver bankruptcy attorney.
Can I File Bankruptcy If I Own A Small Business?
Posted by hawkeye11 in bankruptcy, chapter 7, chapter 7 bankruptcy, filing for bankruptcy on December 13th, 2009
The answer is Yes. For example, I had a prospective client come in recently, and he had a lot of credit card debt, about $75,000 but he also owned a small business that was just getting off the ground, a corporation, and he had a small rent house with some equity in it and he successfully filed bankruptcy.
If he filed a Chapter 7 bankruptcy, otherwise known as “liquidation” bankruptcy, there is a liquidation Trustee appointed, whose job is to sell any “non-exempt” or extra property that the debtor has, and use the money to pay the debts as far as the money will go.
In this example, a Chapter 7 Trustee or liquidation Trustee may take the client’s stock in the business away from him, and either sell it or liquidate the business and use the equity to pay the creditors. And, a liquidation Trustee may try to sell the rent house, which the debtor did not want to sell because a relative was renting it from him.
But, if the client files a Chapter 13 bankruptcy, we could propose a plan to pay about $250 per month to a Chapter 13 Trustee for 5 years. The Chapter 13 Trustee then pays that money to the creditors, and when the plan is completed, the rest of the $75,000 debt is “discharged” or cancelled, and the client no longer owes it.
And the client can keep and continue to operate the small business, and keep the rent house. In Chapter 13, the debtor remains in possession of all property, unless the plan provides otherwise.
Also, the creditors cannot try to collect the $75,000 during the Chapter 13, because the client is protected by the “automatic stay,” a bankruptcy court order that goes into effect as soon as a bankruptcy case is filed.
Chapter 13 bankruptcy can be an excellent tool to help a consumer reorganize or rehabilitate their finances, while keeping their property and paying their creditors at a level that they can afford. It also stops the debt collectors from calling, and stops all other collection actions such as lawsuit and garnishments from creditors.
Article Source: Bankruptcy Attorney | Legal Blog
Chapter 7 Liquidation
Posted by hawkeye11 in bankruptcy, chapter 7, chapter 7 bankruptcy, denver bankruptcy lawyer on November 20th, 2009
When one researches the generalities of bankruptcy, it is easy to get overwhelmed by the many different forms of bankruptcy one may choose to file. One of the most popular forms of bankruptcy filed by individuals is Chapter 7 bankruptcy. Often times individuals choose Chapter 7 when they have nothing to offer or give to their creditors. A general thought of bankruptcy is a debtor hounded by their creditor looking to take all of his assets and then distributes his assets to those creditors. In return, the debtor is discharged from all liabilities and is granted a “new start” or a clean slate.
This is not exactly what happens when an individual files Chapter 7 bankruptcy. In fact, there is no collection and distribution of the debtor’ assets, but rather the discharge of the debtor without any distribution whatsoever to his unsecured creditors. In a representative case, all of the assets belonging to the individual filing bankruptcy will be taken by a secured creditor. In some instances, the debtor will be able to keep some of their assets under certain exemption laws. There should be some allowance for legal fees to the debtor’s Denver bankruptcy lawyer.
It is incorrect ot think that Chapter 7 Bankruptcy primarily is a mode of collecting and distributing assets of the debtor. Chapter 7 filed by an individual is really a formal way of clearing their debt and allowing that individual a chance to start over with a “fresh start.”
Bankruptcy Questions Answered
Posted by hawkeye11 in bankruptcy, bankruptcy lawyers denver, denver bankruptcy lawyer, filing for bankruptcy on November 11th, 2009
Filing for bankruptcy after those endless debt issues may seem as the last resort. However, it might be more of a fearful act. Bankruptcy is a hard-nosed procedure with almost permanent impact. The menacing after effects of bankruptcy, which often are not properly assessed before filing for bankruptcy tend to confuse during the process, thus impelling many to cancel the proceedings.
Debt issues are difficult to deal with and even more strenuous are the problems which typically complement the financial agonies. Filing for bankruptcy, however, is not the very perfect answer to curb miseries. Instead, Filing for bankruptcy might just aggravate the issue, leading to even greater, unmanageable troubles. Therefore, before beginning with the official bankruptcy Filing act, read on to find all about bankruptcy and thus refrain from the insidious obligations.
Bankruptcy – The Concept
In the most positive terms, bankruptcy is a legal proceeding that allows individuals and companies to start over again without managing their debt obligations. When large corporations opt for bankruptcy, the leading media representatives talk about it, while when average earning people apply for one, they are an addition to the statistical reports and usually ends in a negative reflection on the person. In the UK, both the stated bankruptcy filing announcements are a norm, thus making bankruptcy sound as a very tempting debt solution route. To further entice the sufferers of the debt, bankruptcy promises to cease all financial stress, and suggest a way out with less to pay, thus eliminate all debt issues.
Bankruptcy has a Host of Harmful Consequences
If you are just thinking about filing for bankruptcy, then consider the matter deeply, because there is much more to it than the benefits stated above, Bankruptcy also has a host of disadvantageous consequences. Once an entity begins filing for bankruptcy and declares the bankrupt is devoid of assets of value such as a house or other equity. Businesses could be sold, including machinery to repay creditors. Those who have declared bankrupts may have accommodation issues, with landlords not too delighted to accept them as tenants. Remember, bankruptcy, is a legal procedure, and therefore is recorded by bankruptcy law. Bankruptcy stays in files for years (see enterprise act for updates) and therefore negatively impacts financial transactions until the same time. The image is not very helpful in envisaged career moves as well. Employers are hard on potential employees with bankruptcy records in their credit files and often are apprehensive to hire an individual with bankruptcy in their past. Of course, seeking and obtaining competitive credit terms can be just a dream after filing for bankruptcy.
Bank current accounts suddenly seem unobtainable. And after all this mess, there are certain debts which even bankruptcy cannot deal with and there are secured creditors, who have every right to their share, even after the bankruptcy has been declared.
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