The bankruptcy laws exempt certain property from repossession. In most cases, you can keep all your personal property, including your vehicles. At our firm, we are skilled at using every possible exemption to protect our clients’ property.
In a Colorado Chapter 7 Bankruptcy you ask the court to discharge as much of your debt as is allowed by law. In exchange for this, the court appoints a Trustee whose job it is to inquire about your assets; determine what assets may be available for liquidation; and distribute the proceeds from any sale to your creditors.
Under Colorado Chapter 7 Bankruptcy, you select property from a state specific list of exemptions. The exemptions determine what property the trustee can sell and what property you are allowed to keep. For example, in Colorado (beginning in 2022) you are entitled to have equity in your home of up $250,000, equity in your automobiles of up to $15,000 per person or $30,000 per couple, and a fairly extensive list of other property.
This means that you can keep your home if you meet the following criteria:
Other types of property that are usually protected by exemptions, many of which have been recently expanded are:
Our goal in your case will be to eliminate as much debt and let you keep as much property as we possibly can. Steve Swift has a long history of successfully accomplishing this goal for his clients.
In fact, it is a FRESH START. A new beginning, so to speak. A chance to wipe the slate clean, and start over.
Once you understand more about discharging debts in bankruptcy, you’ll likely find that using
Chapter 7 to eliminate debts you’re struggling to pay is just what you need to get a fresh financial start.
We hold your hand every step of the way, and make every effort to get you back on you feet again ASAP.
The steps you take now can affect your life in many ways for years to come. An attorney at our firm can review your situation and help you decide whether a Chapter 7 bankruptcy or a filing under Chapter13 is right for you. The Law Office of Stephen H. Swift, P.C. is knowledgeable regarding Colorado bankruptcy laws and what can and cannot be done in cases like yours.
We can handle all aspects of your bankruptcy, from start to finish. You can then start rebuilding your credit rating and finances on a more secure basis.