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Will I lose My Stuff if I File Bankruptcy?
No, all of your possessions will not be repossessed if you file for bankruptcy.
Though each case is unique, the typical bankruptcy debtor does not forfeit any property due
to the generous property exemptions under the law. Exempted property is protected when you file for bankruptcy, throughout the duration of the bankruptcy process, and at the bankruptcy=s conclusion. Exempted property not only protects property you own outright, but it also applies to any equity you have in exempted property. Equity can be defined at the difference between the value of the property minus the debt owed on the property. For example, a home with the value of $100,000 and outstanding debt of $60,000 has an equity value of $40,000 ($100,000 - $60,000 = $40,000). If you have equity in exempted property, typically you can elect to keep making payments on the loan throughout the course of the bankruptcy and keep the property. Below are some of the exemptions granted under the law. Please note that the bankruptcy exemptions are complicated and involve legal terms of art. If you should have any questions as to whether you qualify for certain exemptions, please contact a bankruptcy attorney.
Why Do You Need An Attorney To File For Bankruptcy?
If you are considering filing for bankruptcy, this is not time to go it alone. Much of what goes into the filing of a bankruptcy petition comes from the insightful and probing questioning from a qualified bankruptcy attorney. Under Colorado, only a licensed attorney can provide legal advice. Paralegals and other bankruptcy petition preparers are strictly prohibited from practicing law, and therefore, can not give you legal advice or ask the necessary questions to make sure that you completing your paperwork fully and completely.
At the Law Office of Anthony J. Sturniolo, we are licensed attorneys who concentrate in bankruptcy. Based in Denver, Colorado, our lawyers can give you the legal advise needed to complete your bankruptcy petition.
There is no law that prohibits an individual from filing a bankruptcy petition without the assistance of counsel. However, if you choose to file a bankruptcy petition without the assistance of an attorney, the Bankruptcy Court Trustee and the Bankruptcy Court Judge will presume that you have the knowledge and experience of an experienced bankruptcy attorney. When you file bankruptcy papers with the Court, you file these documents under the penalty of perjury. If you list information incorrectly in your petition, or omit necessary items, it is your problem and your problem alone.
When you file a bankruptcy petition, it is extremely important to be comfortable and have confidence in your representative. You will be revealing all your financial records. Do not be afraid to ask questions about fees, in particular, whether payment terms are available. Some paralegal services charge a minimal fee to prepare and file the necessary paperwork to file a bankruptcy petition. It has been my experience that the risk is simply not worth the small savings.
Also consider that many attorneys are willing to take your case for a similar fee than which may be offered by a non-attorney. You must choose intelligently. Retaining the services of a professional to protect your property is serious business. You should be confident with your final choice.
Click here to contact our firm.
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