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 However, these federal laws can be superseded by state laws regarding exceptions.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.

For some, the decision to file for bankruptcy can be a devastating one. Sometimes families are placed in a situation that there really is no other option, and filing for bankruptcy is really their only way out. What can you expect during this process if it ends up happening to you and your family?

First of all, immediate relief comes when the phone calls from creditors stop. Once you have filed for bankruptcy, all communications must cease and they are not allowed to contact you, garnish your wages or collect on judgments already filed against you. Filing for bankruptcy makes it possible to stop a foreclosure on your home. This could allow you to catch up on missed payments. This goes for other property as well such as car or mobile home. Bankruptcy prevents repossession of these items. If your utilities have been shut off, they will be turned back on.

There are many different types of bankruptcy and while some are more common than others, it is best to contact a bankruptcy lawyer to help determine how you should file. If you are advised to file under Chapter 13 bankruptcy, you will create a plan with the court to repay all of your creditors, part or all of the money you owe to them. This is done over time and dependent on your future earnings. It is important to know that you may not keep any credit cards under Chapter 13, but under other types of bankruptcy it is up to the credit card companies if you keep the accounts open or not.

You can file for bankruptcy on your own, but it is advisable to hire a lawyer. Bankruptcy is a complex issue and knowledge of the bankruptcy code is helpful. You are entitled to help and hiring a lawyer specializing in bankruptcy is probably your best bet in handling the situation accurately. It can be a tough decision, but if it’s necessary, filing for bankruptcy can lift a heavy burden from your shoulders.

If you want to learn more about bankruptcy lawyers in Oregon , visit to http://www.oregon-bankruptcy.info/ for more detail. All information about Oregon bankruptcy will be presented by the consumer protection attorneys of Baxter & Baxter, LLP, a Portland, Oregon law firm. The Portland, Oregon bankruptcy attorneys in the Bankruptcy Practice Group represent Portland and other Oregon consumers in Chapter 7 and Chapter 13 bankruptcies. The Oregon consumer protection attorneys in the Consumer Litigation Group specialize in credit reporting cases, identity theft cases, and unlawful debt collection practices cases.