Will I loose my Property?
The short answer is no, you will not loose your property if you need to file for bankruptcy in Colorado. If some of your property is extremely valuable, for example if you own a large diamond worth $5,000, then you may loose that item.Certain exemptions are allowed to persons filing for banktuptcy. That is, some property is exempt from the bankrutpcy matter and can be kept by the debtor. For example, in Colorado a person can keep up to $3,000 ($6,000 for a couple) of household goods which includes appliances and furniture. Some of the exemptions are quite generous, for example a person can keep an unlimited amount of funds in a qualified retirement or pension plan and still file for bankruptcy without surrendering the money.
However, preparation is the key to success in any legal matter. At the Gauss Law Firm, we can help you rearrange your finances to take maximum advantage of the exemptions; doing so is legal if it is done correctly.
If you are concerned about loosing your property becasue you must file for bankruptcy, we offer a FREE phone consultation where YOU SPEAK DIRECTLY TO THE ATTORNEY. All discussions are confidential and you will be treated with respect- we know that 'bad things happen to good people' and we enjoy helping persons get relief from creditors. Call (303) 670 - 4242 in the Denver Metro Area, or (888) 677-4242 Nationwide toll free.