In an uncertain economy, more and more people are considering filing for bankruptcy. With rising unemployment rates, ever-increasing interest rates, and mounting debt, many people find that filing for bankruptcy is their only option. While it is possible to file on your own, it is often difficult to navigate all of the steps without help. This is where a good bankruptcy lawyer comes in.
Most people who have done even a small amount of research know that Chapter 7 and Chapter 13 bankruptcy will eliminate most debts, but there is at least one additional benefit that Chapter 13 provides that few people who come in for a consultation know about. Chapter 13 will allow you to remove your second (or third) mortgage, leaving you with only your first mortgage when you exit your Chapter 13 bankruptcy. Lawyers call this “lien stripping”.
One of the first questions people ask when they begin to explore their Denver bankruptcy options is, “Can I keep my house if I file bankruptcy in Colorado?” While this question cannot be answered without knowing the specifics of the situation, the answer is generally, “yes.”