What Can I Keep in Bankruptcy?

If you ever considered filing for bankruptcy, you likely have a number of questions about the legal process involved. More important, you likely have questions about what personal items you can keep in a bankruptcy. When you come to our firm, you can expect all your bankruptcy questions to be answered.

We are the bankruptcy team at The Pearman Law Firm, and we represent individuals in consumer bankruptcy matters. Our law firm is located in Wheat Ridge, and we serve clients throughout the state of Colorado.

Our team takes a hands-on approach to working with bankruptcy clients. We understand the stresses involved in dealing with financial hardships and will make certain you get the information necessary to make a smart decision about your future. We will take time identify your goals for your situation so we can develop an effective an efficient strategy.

Property, Assets and Personal Items in a Bankruptcy

Many people ask our lawyers the question, "What can I keep in bankruptcy?" One common bankruptcy myth is that someone who files for bankruptcy will end up losing all personal items. The reality is, you will likely be able to keep most (if not all) personal items. We explain that while most personal items you can keep, you will likely not be able to retain ownership of items such as a big screen television, speed boat, 4-wheeler or other luxury item.

Colorado has an exemption list that we are highly familiar with and will go over in detail with you. Keeping your home and your car is dependent upon how much equity you have in them. Our bankruptcy attorney will explain how equity is determined and whether or not it is in your best interests to keep your home and/or your car.

Keep Your House in Bankruptcy

For most people, Chapter 13 is the best option if you want to keep your home. Chapter 13 allows you to get current with your payments over time — without interests or penalties. In a Chapter 7, you can only keep your home if you are able to get current with your payments immediately.

Contact a Wheat Ridge Bankruptcy Lawyer

To schedule a free initial phone consultation with our firm, please call 720-259-9528 or 888-835-6339. We can also be reached online. There is no charge to learn about the legal services that we provide.