New Means Testing Income Information Released Today

2013 October 31 by

The U.S. Trustee’s office released new median income figures for means testing today.  The following table provides median family income data for Colorado.   These median income figures will apply to all bankruptcy cases filed in Colorado after November 15, 2013.

Family Size
State 1 2 3 4
Colorado $50,242 $65,701 $71,138 $83,330
Add $8,100 for each individual in excess of 4.

To see information for all 50 states you can visit the US Trustee’s web site:

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Bankruptcies in Colorado Down 47.6%

2013 October 25 by

The United States Bankruptcy Court for Colorado keeps monthly statistics that are available on the court’s web site.     You can see them by clicking here:

When I compared bankruptcy filings in September 2010 to September 2013 I discovered the following information:

  • Chapter 7 cases filed in Colorado are down 40% from 2 years ago
  • Chapter 13 cases filed in Colorado are down 55% from 2 years ago.

Overall, personal bankruptcy cases filed in Colorado are down 47.6 percent.

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Number of U.S. Mortgages Going Unpaid = 4,594,000

2013 October 25 by

Lender Processing Services provided the media with a “first look” at the company’s mortgage performance statistics for the month of September.

The industry’s foreclosure inventory continued its downward trend, and while delinquencies were up slightly from the previous month, they were down when comparing the numbers year-over-year.

LPS counts a total of 3,266,000 mortgages nationwide that are 30 or more days past due but not yet in foreclosure. That tally represents 6.46 percent of all outstanding mortgages.

September’s delinquency rate is 4.23 percent higher than the rate reported for August, but remains 12.63 percent

below September 2012’s rate. Of the more than 3 million delinquent loans, LPS says 1,331,000 have missed at least three payments but haven’t started the foreclosure process.

Another 1,328,000 mortgages are currently winding their way through foreclosure pipelines, according to LPS’ data. That total puts the nation’s pre-sale foreclosure inventory at 2.63 percent in September, down 1.29 percent from the month prior and down 32.18 percent from last year.

All-in-all, there are 4,594,000 mortgages going unpaid in the United States. Comparatively speaking, the nation’s non-current total stood at 5,640,000 in September 2012.

LPS reports the states with the highest percentage of non-current loans (non-current combines foreclosures and delinquencies as a percentage of all active loans in the state) include: Florida, Mississippi, New Jersey, New York, and Maine.

North Dakota has the lowest percentage of non-current loans among states, followed by South Dakota, Alaska, Montana, and Wyoming.

LPS’ findings are derived from its loan-level database representing approximately 70 percent of the overall mortgage market. The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which is scheduled for release in early November.

By: Carrie Bay

©2013 DS News. All Rights Reserved.


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Chapter 13 Bankruptcy Payments Can Be Made On-Line

2013 October 23 by

For years my Chapter 13 bankruptcy clients have asked if they can pay their monthly chapter 13 plan payments on-line.   The answer has been “no” … until now!

If you are in a chapter 13 bankruptcy case in Colorado and your bankruptcy trustee is Douglas B. Keil, you can now make your monthly trustee payment over the internet.  Go to to sign up.     Douglas Keil is the chapter 13 bankruptcy trustee for most cases in the southern part of the Denver Colorado metro area and the southern part of the state.

Unfortunately, Sally Zeman, the other Chapter 13 Trsutee, does not presently offer an option to pay your chapter 13 payments on-line.

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You Can Be Held Legally Responsible For Your Spouse And Child’s Medical Bills And Education In Colorado

2013 October 15 by

In Colorado parents and spouses can be held financially response for their kids and spouse’s medical and educational debts as well as other debts.   Legally, this is known as The Family Purpose Doctrine.

It’s codified in the Colorado Revised Statute at  CRS 4-6-110.   The statute states: “The expenses of the family and the education of the children are chargeable upon the property of both husband and wife, or either of them, and in relation thereto they may be sued jointly or separately.”  You can read all the annotations here: C.R.S. 14-6-110

This frequently comes up in my practice where the parents are sued by medical providers for medical services provided to their children.  This is especially true when they are uninsured or under-insured.

Another common example of this is when a spouse is admitted to a hospital for care.  Later, when the bill cannot be paid, the hospital sues both the patient and their spouse for the debt.  They are able to sue the spouse who did not receive the medical care because of this statute.

Medical debts have historically been one of the top causes of personal bankruptcy.  Fortunately, bankruptcy eliminates medical debt whether you received the treatment or are just being held financially responsible for it.

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