One of the main benefits of filing for bankruptcy is the ability to protect your property. However, these federal laws can be superseded by state laws regarding exceptions. Two states with very specific laws regarding these exceptions are Colorado and Connecticut.

In the western state of Colorado there are many different kinds of income and assets that can be considered as exceptions. First, there are a number of kinds of property or income that can be one hundred percent free of the threat of liquidation. This can include payments from regular life insurance and group life insurance. Secondly, there are some assets that are only partly protected. Unfortunately, this protection will not cover rental homes or vacation homes. Also, motor vehicles are protected but only for up to three thousand dollars in value. People with special needs, such as the disabled, may be able to protect up to six thousand dollars in value however.

The eastern state of Connecticut also has some very specific laws regarding bankruptcy exceptions. This state is thankfully more generous with certain exceptions. Things that are likely to be one hundred percent protected include payments from worker’s compensation, unemployment benefits, retirement plans, life insurance, and certain kinds of physical property such as household furniture and tools that are used in a debtor’s line of work.

The homestead exception in Connecticut is also much more generous. For a house, mobile home, or condominium, up to seventy five thousand dollars in equity can be protected. Unfortunately, the total claimed by two spouses who file cannot exceed this number. Unlike the homestead exception, the exception for motor vehicles can sometimes be less than it would be in Colorado. In Connecticut, up to fifteen hundred dollars in value of a vehicle can be protected. However, if a person files with a spouse, up to three thousand dollars can be protected.

Connecticut law also allows for something called a wild card exception. Using this wild card exception, a debtor can protect one thousand dollars in value of any kind of property he or she owns. This kind of protection does not exist in Colorado.

There are many other exceptions in these two states, and laws regarding exceptions can change rather quickly. This is why it is suggested that if you live in either Colorado or Connecticut and are considering filing for personal bankruptcy. This way, you can discuss exactly what property of yours can be protected during bankruptcy proceedings.

Coan, Lewendon, Gulliver & Miltenberger, LLC is a Connecticut bankruptcy law firm with expertise in the full range of commercial and personal bankruptcies and business reorganizations. For 28 years they have provided thoughtful and effective representation for clients in each bankruptcy court in the District of Connecticut.

Their practice in issues affecting the elderly and the incapacitated for the past 28 years has included counseling clients about options when planning for their health, housing, finances, and estate plans. Their reputation throughout the Connecticut legal community is one of respect for our exceptional depth of knowledge and for their dedication to their clients’ concerns. Their record of results speaks to the success of that dedication. Contact them by phone or email for more detail.

The main purpose of a bankruptcy lawyer is to help an individual or business go through the legal procedures for filing bankruptcy. Lawyers are meant to help deal with creditors, meet with the court systems to set up payment plans or repayment programs, gather together and liquidate assets, and fill out and file necessary paperwork. Just as a realtor would be the knowledgeable party in the selling or buying of a home, a bankruptcy lawyer will be that knowledgeable source during a bankruptcy proceeding.

From the start, a good bankruptcy lawyer should help you to determine which chapter of bankruptcy to file and will offer sound reasons why. If you don’t know anything about the different chapters, this is an excellent reason to begin consulting a lawyer. Many lawyers will even offer a free consultation where you can simply claim the advice and move on to take care of the remainder of the case yourself. Often, though, lawyers will charge by visit or by activity, such as appearing at the courthouse or filing paperwork.

Keep in mind that not all bankruptcy lawyers specialize in the same type of cases, so it is important to find a lawyer who can help you with the type of financial difficulties you are having. Some bankruptcy lawyers work specifically with businesses, while others work solely with individuals. Having a good experience with your lawyer will undoubtedly include finding someone knowledgeable in the areas you need expertise.

Another excellent reason to consider hiring a bankruptcy lawyer is simply to have someone knowledgeable who can help guide you through the paperwork process. In bankruptcy cases the paperwork is the most overwhelming aspect and more often than not, bankruptcy lawyers will actually fill out and file all of the paperwork for you. This takes away the burden of dealing with paperwork in the middle of a financially and emotionally straining time.

If you decide that hiring a bankruptcy lawyer is right for you, Baxter & Baxter, LLP law firm is a good for your choice. The Oregon consumer protection attorneys in the Consumer Litigation Group specialize in credit reporting cases, identity theft cases, and unlawful debt collection practices cases. The Portland, Oregon bankruptcy attorneys in the Bankruptcy Practice Group represent Portland and other Oregon consumers in Chapter 7 and Chapter 13 bankruptcies.