Claimed Lawyer ProfileQ&A
Licensed in all Colorado and Federal courts
Locations in Evergreen and Lakewood or I will meet you somewhere convenient. Always a free consultation.
- Real Estate Law
- Tax Law
- Free Consultation
I will quote you a flat fee whenever possible
Jurisdictions Admitted to Practice
- Federal Circuit
- US Tax Court
- University of Colorado - Denver
- B.A. (1976)
- Lewis & Clark Law School
Websites & Blogs
21 Questions Answered
- Q. Hi. I received a 1099-a for the 2016 tax year. I filed bankruptcy in 2014 and it was discharged. Must I report on taxes
- A: File IRS form 982 with your tax return showing that you were insolvent at the time. That usually solves the problem without an audit.
- Q. I know I'm going to have a high tax bill this year - does declaring bankruptcy allow me to not pay it?
- A: Income taxes can be discharged in bankruptcy, but they must be due more than three years ago, returns filed for at least two years and assessed for at least 240 days. Newer taxes are not dischargeable, but can be paid over 5 years in a Chapter 13 with no additional penalties or interest.
- Q. I received my portion of a trust in 2014. The Trustee did not file taxes on my portion. Who is responsible for the tax?
- A: You did not provide enough information on the source of the funds you received. The general rule is that distribution of trust income is taxable to the beneficiary (you), but distributions of the trust assets to the beneficiary are not.
- Q. I've heard there's an option to file an emergency bankruptcy - what is the process for this?
- A: You can file an emergency bankruptcy by filing the Petition form along with a credit counseling certificate and a list of creditor names and addresses. The court will give you 14 days to file the other schedules and statements.
- Q. Can you get a continuance for a probation revocation sentacing hearing if you haven't secured council?
- A: This is not a probate question, but as a former public defender, I would say that it never hurts to ask. Most judges will allow the hearing to be re-scheduled one time for a good reason.
- Q. Hello I was hoping someone could help me under stand this:
- A: It means that the trustee is done administering assets (if any) and that all other property is abandoned and the case will soon be closed.
- Q. My business partner (49% ownership in small sub-S) has filed chapter 7 personal bankruptcy.
- A: If you did not guarantee anything then you are not liable for strictly corporate debts. Concerning the stock, if it has any market value the trustee will try to sell it. Minority ownership interests in a closely held corporation are often worth very little, but I would need more information to determine that. You can always make an offer to the trustee. If he can't sell it to you or someone else, it will abandoned to the debtor upon case closing.
- Q. Can I be on the joint deed but not on the mortage for a single family home
- A: The short answer is "yes." They are two separate interests. However, depending on who the other owner is and whether the loan was made prior to the transfer of title, the deed of trust securing the loan may contain a "due on sale" clause. This is generally not effective against spouses, but could be triggered if the two owners are not related. Check with a real estate attorney before making any transfer.
- Q. My husband is filing bankruptcy. We own a duplex however the mortgage is in my name only. Can he quit claim it to me?
- A: I am assuming he is filing Chapter 7. If your husband transfers any property to you for less than market value within 1 year of filing bankruptcy (and as much as 4 years under Colorado law), it will be deemed a fraudulent transfer and the bankruptcy trustee can void the transfer for the benefit of his creditors. You should consult with a bankruptcy attorney before doing any kind of transfer prior to filing.
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