There are many misconceptions about Chapter 7 and Chapter 13 bankruptcy in Aurora, Centennial, and Denver, and one that I hear very often is people worrying about losing everything when they file for bankruptcy. Bankruptcy is not a punishment. It is not a way for the government to get back at you for accumulating debt. Instead, it is a tool to help you fix your financial problems. The stigma surrounding bankruptcy makes people fear the worst – that everything will be taken from them and they will be practically desolate if they file for bankruptcy. This is not at all the case.
Centennial Chapter 7 Bankruptcy and Your Assets: What Can You Lose?
When you file for a bankruptcy in Centennial, no one is going to show up at your house and take inventory of all your things. In fact, the entire bankruptcy process is done on paper and if you have an experienced bankruptcy attorney, it can be a painless process. Chapter 7 bankruptcy is set up to help eliminate your debt, without depriving you of your necessary property. Things like your furniture, cars, house, household items, and even your retirement are protected as bankruptcy exemptions. Now, this does have limitations on it. If you have a brand new $100,000 car in your possession, you will probably lose that. But, if you have a minivan and a truck – you will be just fine. You don’t have to live in fear that your vehicle is going to be repossessed or your house foreclosed on after you file bankruptcy. It just doesn’t work that way.
Littleton Chapter 13 Bankruptcy Asset Protection
A Littleton Chapter 13 bankruptcy does not eliminate all your debt in quite the same way as a Chapter 7, but it does still protect your assets. In a Chapter 13 bankruptcy, your debt is reorganized to help you pay off a portion based on your disposable income. For those who don’t qualify for a Chapter 7 bankruptcy, Chapter 13 bankruptcy is often a helpful and viable option. Again, don’t let the stigma that often surrounds bankruptcy and financial problems prevent you from doing what’s necessary to reach financial stability and freedom from overwhelming debt.
If you have questions about a Chapter 7 or Chapter 13 bankruptcy and your current assets, contact the best bankruptcy attorney, Barry Arrington, for a free initial consultation at 303-205-7870, or submit the Get Help Now form to begin your journey to financial freedom.