Will I Lose My Home If I File for Bankruptcy? A Common Bankruptcy Myth in Colorado

Will you lose your home if you file for bankruptcy in Colorado? Read more in our blog.There are many misconceptions about bankruptcy in Centennial, Littleton, Aurora and across Colorado. Many people don’t even consider filing for Chapter 13 or Chapter 7 bankruptcy. That’s because they don’t think it will help them. This is a shame, because bankruptcy is a tool that can help many people gain financial freedom and debt relief.

Will I Lose My Home If I File for Bankruptcy? You Are Protected!

One of these misunderstandings is that if you file for bankruptcy in Arapahoe County, your home and property will be seized to pay off your debts. This is not the case. In fact, by not declaring bankruptcy, you are at risk. Bankruptcy offers you protection. Without bankruptcy, creditors have the freedom to repossess your vehicle, put liens against your property, and harass you constantly.

Bankruptcy is all about helping you. It isn’t about protecting your creditors, or giving them access to your possessions. Colorado Bankruptcy law allows the average citizen (that’s you and me!) to protect themselves from creditors. It also helps protect them from losing all their property. Bankruptcy is all about gaining freedom from debt that has gotten out of control, and moving towards a fresh financial start in Centennial, Aurora and Littleton.

Options for Keeping your Home in Centennial, Littleton and Aurora

Under Colorado law, you are allowed to keep up to $60,000 in home equity, and a vehicle with up to $5,000 worth of equity. While this doesn’t seem like much, you need to consider that most people owe more on their home and car than they are actually worth. One thing you should consider when trying to keep your home is if you actually should keep it. Read our blog post: “Can I Keep My House in Bankruptcy?” for more information. Each individual case is different. And, there are many factors that affect each individual’s finances. Because of this, it is important to work with an experienced attorney who can help protect your home and belongings.

A bankruptcy attorney can help you sort out your finances and protect things that mean the most to you. Don’t be afraid to call and request your free initial consultation with Barry Arrington, an experienced, trustworthy and understanding bankruptcy lawyer at 303-205-7870 or submit the “Get Help Now” form to begin your journey towards financial freedom.

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