I will lose everything I have
This is the misconception that keeps people who really should file for bankruptcy from doing it here in Colorado. Many people they think the government will sell everything they have and they’ll have to start over in a cardboard box, which is not true. While the bankruptcy laws vary from state to state, every state has exemptions that protect certain kinds of assets, such as your house, your car (up to a certain value), money in qualified retirement plans, household goods and clothing. Even better is the fact that Colorado has some of the best exemptions in the country if used correctly. For most people, they will keep everything they have through the bankruptcy here in Colorado. Moreover, if you have a mortgage or a car loan, you can usually keep those as long as you keep making the payments. From experience, this is one of the areas in which it is essential to have a competent Colorado bankruptcy attorney. Using the wrong exemptions can cause you to loose property that could have been easily kept if your Colorado bankruptcy case was done correctly.