At Harold Faletti Law Office, P.C., we have more than 29 years of experience handling bankruptcy cases for clients from Broomfield, north Denver and throughout the surrounding areas. Many clients come to us with the same important questions: Can I keep my house? Can I keep my car? There are a lot of myths and misconceptions about bankruptcy and we seek to clear them up and give our clients straightforward advice about what property they can and cannot keep in a bankruptcy.
For an in-depth consultation about how bankruptcy will work for you, contact us today online or by telephone at 303-438-8477 to speak with an experienced Broomfield bankruptcy attorney.
Without conducting an in-depth analysis of your financial situation, we cannot tell you what property you can and cannot keep in a bankruptcy. However, we can provide you with some general information on the subject. Under Colorado law, the following property is exempt from being seized in a bankruptcy:
- Homestead exemption: Provided you have sufficient equity in the home, the following exemption applies: Property consisting of a home that you own and occupy with an equity valued at up to $60,000. If you, your spouse or a dependent is disabled, the amount is $90,000.
- Vehicle exemption: $5000 for a single person; $10,000 for a married person. If the person is disabled, the equity value is $20,000.
Bankruptcy law and exemptions change over time. For up-to-date information on how the law applies to you, it is best to consult with an experienced bankruptcy lawyer.
Bankruptcy Can Help
Filing for Chapter 13 bankruptcy can help you get up to date on your secured loans such as a mortgage or car loan. It also stops foreclosure, repossession and other creditor actions.
Filing for Chapter 7 bankruptcy can also help you keep your property. By eliminating your large debt burden from credit card bills, medical bills and other unsecured debt, you may find it much easier to keep up to date on your mortgage or car loan.
If you file for Chapter 7 bankruptcy and wish to keep your car, you may need to sign a reaffirmation agreement. This legal document essentially allows you to keep property that would otherwise be seized, while also keeping your debt for the property. If you need the financial relief bankruptcy offers and have the means to keep up with your car loan payments, a reaffirmation agreement may be in your best interests.
Contact Us · Thornton Debt Relief Attorney
Do you have questions about what property you can keep in a Colorado bankruptcy? We can help. Contact us today online or by telephone at (303) 438-8477 to speak with an experienced Broomfield bankruptcy lawyer.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.