What Can I Keep In Bankruptcy?
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, four-wheeler or another 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 Chapter 7, you can only keep your home if you are able to get current with your payments immediately.