Will I Lose Everything if I File Bankruptcy?


Much fear surrounds chapter 7 bankruptcy. People facing bankruptcy have always been through hard economic times and hard times in their personal lives. They feel broken and defeated and fear the worst.

Bankruptcy, and particularly Chapter 7 bankruptcy, should be seen as a practical tool for fixing your debt problems forever, and giving you a fresh start and hope for a better future.

One of the things people have asked me many, many times over the years of my practice as a Chapter 7 bankruptcy lawyer in Denver is whether they will lose everything if they file. This is part of the fear and desperation surrounding the process and is absolutely not true.

Chapter 7 eliminates debts but does not strip you of your necessary property. There are laws within bankruptcy, called BANKRUPTCY EXEMPTIONS, that protect ALL your necessary property while cancelling your debts.

Things like your furniture, household goods, car, home, retirement, and many types of property ARE FULLY PROTECTED up to certain reasonable limits.

If you have a Ferrari in the garage you will probably lose it. If you and your spouse have a sedan and a pickup truck that you use for work, you will be fine.

Bankruptcy is not an intrusive or unfair or punishing process—no one comes to your house or work to look at your stuff—it is all done on paper with us at the office of Mile High Bankruptcy on Sherman Street in Denver. We protect your property and get rid of your debts.

It takes courage and commitment to face your problems and file chapter 7 bankruptcy, but it can be the beginning of a new life for you and your family.

Call me, Peter Milwid, at 303-831-0733 anytime, and I can help you understand bankruptcy by answering any questions, and cancel your debts.

Peter’s Blog