If you live in Littleton and you do not have a house mortgage, keeping your home in a Littleton Chapter 7 bankruptcy depends on the value of your home and what you can exempt under bankruptcy law. You should always consult experience Littleton Chapter 7 bankruptcy lawyer Barry Arrington if you have questions about keeping your condo, townhome or house if you don’t have a mortgage.
Homestead Exemption in Aurora Chapter 7 Bankruptcy: It is Possible to Keep Your Home
If you don’t have a mortgage in Aurora, you may be able to exempt equity in your home to keep it in a Chapter 7 bankruptcy. If not exempted, the trustee assigned to your bankruptcy case can sell any nonexempt property to pay unsecured creditors. This includes your place of residence. In Colorado, under C.R.S. 38-41-201, you can use the Homestead Exemption to protect a certain amount of equity in your home:
“Every homestead in the state of Colorado shall be exempt from execution and attachment arising from any debt, contract, or civil obligation not exceeding in actual cash value in excess of any liens or encumbrances on the homesteaded property in existence at the time of any levy of execution thereon:
(a) The sum of seventy-five thousand dollars if the homestead is occupied as a home by an owner thereof or an owner’s family; or
(b) The sum of one hundred five thousand dollars if the homestead is occupied as a home by an elderly or disabled owner, an elderly or disabled spouse of an owner, or an elderly or disabled dependent of an owner.”
What if I Cannot Exempt the Full Value of My Home in Centennial?
If you cannot exempt the full value of your home in Centennial under the Homestead Exemption, you may still be able to keep your home. If you can exempt the majority of your home’s value, anything nonexempt may not be enough money for the bankruptcy trustee to consider selling your home. The trustee needs enough money to cover sale costs (like realtor fees) and trustee fees. Therefore, the trustee may choose to abandon the home if it is not worth selling, meaning you can keep it. There may be other arrangements which the best bankruptcy attorney in Centennial can use. Call Barry for an appointment to discuss your difficult bankruptcy questions.
Parker Chapter 7 Bankruptcy Lawyer Barry Arrington: Call Today
There are many aspects of a Chapter 7 bankruptcy in Parker that can be confusing. How your home is treated in a Chapter 7 bankruptcy is one of those aspects. If you do not have a mortgage and you are considering filing a Chapter 7 bankruptcy, call Parker bankruptcy lawyer Barry Arrington right away. Barry has worked with countless individuals and situations and has the tools needed to address your specific issues. Call Barry today to set up a FREE initial consultation.
If you are considering filing a Chapter 7 bankruptcy in Colorado and want to keep your home, contact Christian bankruptcy attorney Barry Arrington for a free consultation at 303-205-7870. He will help lead you to the best path towards financial freedom.