PRLog - April 26, 2014 - DENVER -- Many people in Colorado who are contemplating bankruptcy fear that they will be unable to keep their home after the filing. In fact, the reverse is true. The vast majority of Colorado homeowners who file for bankruptcy actually get to keep their homes.
This is true even when the home is in foreclosure. Federal bankruptcy law protects homeowners by halting foreclosure proceedings upon filing. In the case of Chapter 7 filing, this is a temporary halt. The mortgage company may request that the automatic stay on the foreclosure proceedings be lifted. By this time, many homeowners have sufficiently reorganized their finances that they are able to prevent the foreclosure. That's because Chapter 7 bankruptcy eliminates debts with sizable monthly payments like car notes and credit card debt.
Filing Chapter 13 (http://bankruptcy-
A consumer whose home is not in foreclosure is similarly able to keep their property. The main question for these homeowners just might be whether or not they want to keep their house. In some instances, it makes sense to let the house go in favor of renting for a few years before trying home ownership again. When a property needs to have extensive renovations or when the homeowner owes far more than the property is worth, letting go may be the smart financial step.
The issues surrounding homeownership and bankruptcy are complex ones. It is only with the help of an experienced Denver bankruptcy attorney like Christopher German that consumers can become familiar with their rights in a bankruptcy proceeding. Colorado bankruptcies come with few absolutes. There are many options for going forward, but most consumers are not aware of the intricacies of federal bankruptcy laws.
The Law Office of Christopher A. German offers affordable, compassionate assistance to Colorado consumers who are contemplating filing for bankruptcy. Chris German helps clients to realize the dream of financial security and even prosperity by judiciously guiding them through the bankruptcy process. His extensive experience and professional integrity have enabled him to help hundreds of clients in the Denver area.
Call the Law Office of Christopher A. German at (720) 675-8070 or visit the firm's website at http://bankruptcy-