David Michael Serafin’s Answers

David Michael Serafin

Denver Chapter 7 Bankruptcy Attorney.

Contributor Level 8
  1. Can i file for bankruptcy if I am a university student??

    Answered over 2 years ago.

    1. Kimberly Pelkey Sdeo
    2. Patrick Begley
    3. David Michael Serafin
    4. James F Paguiligan
    5. Dorothy G Bunce
    5 lawyer answers

    Most likely. If you're a student, my guess is that your monthly income is low enough to allow you to qualify for chapter 7, whereby you can discharge most unsecured debts but not student loans. You'll need to consult with a local bankruptcy attorney and provide information as to your income, expenses and family size.

    5 lawyers agreed with this answer

  2. Should i file for bankruptcy or should i just ignore all judgments and debts? I have no assets and little income.

    Answered over 2 years ago.

    1. Bruce C Truesdale
    2. Michael Curtis Greenberg
    3. Jason Anthony Burgess
    4. Joseph J Rogers
    5. E Chris L'Hommedieu
    6. ···
    9 lawyer answers

    It looks as if there would be nothing for secured or unsecured creditors to collect from you but, if you don't file for Chapter 7 bankruptcy, creditors will keep attempting to collect from you. The little wages you have may be garnished. Any bank account balances may be garnished. But, if there's no current collection activity, it might make sense to hold off on bankruptcy for now.

    5 lawyers agreed with this answer

  3. I claimed Chapter 7 bankrupctcy. That stopped foreclosure. Does the debt have to be re affirmed (mortgage) when its cleared?

    Answered over 2 years ago.

    1. Robin Kert Hunt
    2. Dorothy G Bunce
    3. David Michael Serafin
    4. Michael J Corbin
    5. Alan D. Walton
    6. ···
    6 lawyer answers

    Generally, you cannot reaffirm a mortgage after a bankruptcy discharge enters. Even if you could reaffirm a mortgage, I never recommend this as such would remove the mortgage debt from the protections of the bankruptcy "fresh start" and re-obligate the homeowner in Colorado to continued personal liability on the note - a distaster waiting to happen in the event of a subsequent mortgage default. A chapter 7 bankruptcy will only temporarily stop a foreclosure as the mortgage lender would either...

    2 lawyers agreed with this answer

  4. Should I file chapter 7 or chapter 13?

    Answered over 2 years ago.

    1. Alan D. Walton
    2. David Michael Serafin
    3. Dorothy G Bunce
    4. E Chris L'Hommedieu
    5. Matthew Erik Johnson
    5 lawyer answers

    Your income should allow you to qualify for chapter 7 but it's often the case that it's more advisable to file for chapter 13, if you have disposable income. (If you file chapter 13, the trustee will inquire as to whether you have any monthly disposable income to pay into a repayment plan for 3 years.) If you were ordered to pay anything resembling a property settlement agreement (e.g. money) to your ex, only Chapter 13 eliminates these types of debts as per Section 523 of the Bankruptcy Code.

    3 lawyers agreed with this answer

  5. Can i be garnished by the apartment place i live in if i am leaving 2 months early..I filed bakrupsy which was discharged in2011

    Answered over 2 years ago.

    1. Mark Gregory Meyers
    2. David Michael Serafin
    3. Christopher Daniel Leroi
    4. Stuart Alan Young
    4 lawyer answers

    I think it depends upon how this residential lease was treated in your Statement of Intent (which is required to be filed in chapter 7 cases). It may be a violation of the bankruptcy discharge injunction for the landlord to garnish you if the original Statement of Intent clearly evidenced an intent to surrender the premises. Also, did you (or your bankruptcy lawyer) address this lease in Schedule G? Same analysis - there could be a violation of the discharge injunction if Schedule G...

    1 lawyer agreed with this answer

  6. Is there some rule that says after bankruptcy if a debt doesn't get reaffirmed it no longer exists?

    Answered over 2 years ago.

    1. Robin Kert Hunt
    2. Dorothy G Bunce
    3. Christopher Daniel Leroi
    4. Cer Trevor E Carson
    5. David Michael Serafin
    5 lawyer answers

    As you're required to list all assets and all debts in the bankruptcy schedules, a mortgage debt (as with unsecured debts such as credit cards and medical bills) will only generally be discharged if listed in the schedules (unless the Colorado chapter 7 trustee designates your case as a "no asset" case). But, there is a no requirement that a mortgage loan be reaffirmed and, even if an attempt at reaffirmation is made, a bankrutpcy judge will likely find that reaffirmation would create economic...

    1 lawyer agreed with this answer

  7. Hello, I filed Chap 13, 1 year ago to stop a foreclosure. If I do not want the home can I change to a chap 7?

    Answered over 2 years ago.

    1. Diane L Drain
    2. Thomas John Cesta
    3. Douglas Garth Edmunds
    4. Alan D. Walton
    5. David Michael Serafin
    5 lawyer answers

    This situation arises quite often in my Denver and Aurora, Colorado based Bankruptcy practice. We file Motions to Convert (to chapter 7) for numerous clients who originally filed chapter 13 to stop foreclosure and pay back past due mortgage payments. But, then circumstances will change (the homeowner lost his/her job or no longer wants or is able to keep the house) and there's no longer a need to make up the back mortgage payments. But, the debtor still needs to have monthly income and...

    2 lawyers agreed with this answer

  8. In the State of Washington, does Chapter 13 or Chapter 7 bankruptcy stop foreclosure? Please help.

    Answered over 2 years ago.

    1. Edgar I Hall
    2. Gregory J. Jalbert
    3. Robert A. Stumpf
    4. David Michael Serafin
    4 lawyer answers

    I'm a Colorado Bankruptcy lawyer and am not licensed in Washington but I call tell you - as a matter of general principal and as per the Bankruptcy Code - that either Chapter 7 or Chapter 13 will (at least temporarily) stop a foreclosure sale. But, chapter 7 will only buy you so much time until the lender decides to either wait until discharge or file a Motion for Relief from Automatic Stay to re-start the foreclosure process again. In Chapter 13, you can permanently stop the foreclosure by...

    2 lawyers agreed with this answer

  9. We are currently in Chapter 13, can we file chapter 7 if not when can we?

    Answered over 2 years ago.

    1. Dorothy G Bunce
    2. Steven Anderson Leahy
    3. James Robert Meizanis Jr.
    4. Mark Gregory Meyers
    5. David Michael Serafin
    6. ···
    6 lawyer answers

    If your monthly income is below the median family income or if your income and expenses (as compared to family size) allow you to pass the Means Test (see Bankruptcy Form 22A), you may be eligible to Convert to Chapter 7 Bankruptcy. If there's any questions about your income or expenses, the United States Trustee can always Object and move for your case to be dismissed or pushed back into Chapter 13. Another option is to voluntarily dismiss the Chapter 13 if Chapter 7 is not an option.

    2 lawyers agreed with this answer

  10. My husband wants to take his name off the house title for tax purposes. We are both on the title and mortgage. Can he do this?

    Answered about 4 years ago.

    1. David Michael Serafin
    2. James C Underhill Jr.
    2 lawyer answers

    There are possibly both income tax and bankruptcy implications here. Your husband is free to transfer his interest in the title to the house to anybody he chooses (but I question the wisdom of this) but he may jeopardize his ability to take a tax deduction for mortgage interest and/or property taxes paid. But, even if he takes his name off of the title, he's still jointly and severally liable (meaning that the lender can pursue just one of you for the entire deficiency balance) for the...