Exempt Assets in Aurora, Littleton and Centennial, Colorado Bankruptcy: What Are Exempt Assets?
One of the qualifications for filing for Chapter 7 Bankruptcy in Littleton, Centennial and Aurora is that you must surrender your non-exempt assets to pay your creditors. An exempt asset is an “asset the law exempts from that liquidation process” and does not need to be forfeited.
Exemptions in Littleton, Aurora, Centennial Chapter 7 Bankruptcy
There are certain categories that are exempt in Littleton, Aurora and Centennial, and there are different exemption amounts for different items in Colorado. When you file for a Chapter 7 bankruptcy, your property becomes part of the bankruptcy estate and the Chapter 7 bankruptcy trustee can sell any non-exempt property to pay creditors. For the property that is exempt, you will be able to keep the exempted property after you file for bankruptcy. In some cases when you file a joint Chapter 7 bankruptcy with your spouse, you can double your exemptions and keep more of your assets / property. In many cases, the
Littleton, Aurora, Centennial Chapter 7 Bankruptcy: Call Chapter 7 Bankruptcy Lawyer Barry Arrington
With the help of an experienced Littleton, Aurora, Centennial Chapter 7 bankruptcy attorney, many people are able to file without having to give up any assets at all. Bankruptcy law is complicated – you need an expert on your side who can help you get through bankruptcy without giving up important property.
We hope we have answered your question: “What are exempt assets in Chapter 7 bankruptcy in Colorado?” Gaining knowledge will help lessen the intimidation of bankruptcy and get you started on your fresh start sooner. Contact experienced Aurora, Centennial and Littleton bankruptcy lawyer Barry Arrington at 303-205-7870 and he will fight to give you the best, fresh start possible.