If you own a home in Centennial or anywhere else in Colorado, you likely want to keep it after filing a Chapter 7 bankruptcy. Whether or not you can keep your home depends on if there is any equity in your home or house, and if there is, whether you can exempt it.
No Home Equity in Aurora Residence = No Sale
If you live in Aurora, Colorado and there is no equity in your residence, the trustee will likely not liquidate (sell) your home. If you have a mortgage balance which exceeds the value of your house, it means you do not have equity in your home – or negative equity. In this case, the trustee would likely not sell your place of residence. On the other hand, in a Chapter 7 bankruptcy, since the trustee’s focus is on paying your unsecured creditors, your home will likely sell if there is home equity money that can be used to pay them. The amount of home equity is really important.
Homestead Exemption in Littleton, Colorado – We all Have One For a Personal Residence
If there is any home equity in your house in Littleton or anywhere else in Colorado and you wish to keep it, you may be able to use the Homestead Exemption. If your equity falls under the Homestead Exemption amounts, you may be able to keep your home. The Homestead Exemption in Colorado can apply to your home or mobile home, trailer, manufactured home or condominium. You must also be a current resident and owner of the home to be able to use the Homestead Exemption. The Homestead Exemption amounts also increase if a residence is occupied by an elderly person, or disabled debtor or spouse. Speak with Chapter 7 bankruptcy attorney Barry Arrington for more information about the Homestead Exemption and its exemption amounts if you wish to keep your house or property.
Chapter 7 Bankruptcy Lawyer Barry Arrington – Protect Your Home in Denver by Calling Him Today
If you own a home or house in Denver or any other part of Colorado and you are considering a Chapter 7 bankruptcy, call Chapter 7 bankruptcy lawyer Barry Arrington today. Barry knows the value and sentiment behind owning a home, and will work hard to help you keep your house. Call Barry today to schedule a free initial consultation and be on your way to your best, fresh start.
If you want to keep your house and you are considering a Chapter 7 bankruptcy, contact bankruptcy attorney Barry Arrington for a free initial consultation. Contact him at 303-205-7870, or submit the “Get Help Now” form to begin your journey towards financial freedom.