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23 Aug 2012

Will Creditors Take My Clothes & Jewelry in a Chapter 7?

 

Colorado Springs chapter 7 bankruptcy lawyers know that if you're considering filing for bankruptcy protection, you are likely concerned about your assets.

Many people wonder about every detail: What about the car? My antiques? My jewelry?

The answer is somewhat complex because every situation is different. The best way to get a gauge on what you can protect and what you can't is to consult with an experienced bankruptcy attorney who can help you analyze your individual situation, along with the laws that apply uniquely to Colorado residents.


That said, it's highly likely that your creditors aren't going to want to take the coat off your back or the ring off your finger. Unless you had a fairly sizable and expensive collection of jewelry, it's probably safe.

People may mistakenly think that they can protect these items by transferring them to family members prior to filling them. Not only could this be detrimental to your bankruptcy, it's illegal. The court wants to be able to consider all your assets when determining how the case will be handled. It doesn't want you shedding yourself of bad debt while hanging onto valuable assets. It's probable that if you have a vehicle that's paid off or an heirloom necklace that your attorney is going to be able to protect those items from creditors in a Chapter 7. However, if you start giving away or selling those things to friends or relatives, there's a strong likelihood that they might not be protected.

You'll also want to be mindful of taking out any large cash advances just prior to filing. For example, if you know you're going to be filing for bankruptcy and you go on a shopping spree with your credit card just a few weeks before, the bankruptcy trustee is going to see that. It is generally considered fraudulent and not only might you have to return those items if possible, but it may hurt your chances for a successful bankruptcy.

Likewise, you can't make payments to family just before you file. Family members and close friends to whom you owe money are considered creditors like anyone else, and you can't show favortism in this regard.

Stephen H. Swift

Managing Attorney
Law Office of Stephen H. Swift, P.C.

Client Testimonials

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    "My attorney (Matthew Hansen) is a very kind person.  I felt very confident in his skills. He is very knowledgeable and efficient.  He didn't make me feel embarrassed to be filing for bankruptcy.  Thank you Matthew!  Laura was very friendly, and everyone I interacted with was very nice and helpful as well." 

     

      –  Sherry M., Colorado Springs, CO

     

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    "Steve explained things well so you know what you're doing.  The staff was very helpful with everything, including the paperwork." 

     

      – Raymond & Rhonda P.,                         Colorado Springs, CO

     

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    "From the first time that I entered the office, I was treated with the utmost respect. It was like I had been knowing all of the employees for years!! Every person that I came in contact with was extremely courteous!!!

    I rate my overall experience a 12!! And I wouldn't change a thing on the website.

    Cris is absolutely wonderul!! While Alicia was extremely courteous and humorous!!!  Stephen (Swift) was extremely professional and courteous. One of the nicest gentlemen that I have Had the pleasure of working with. I can't thank him enough."
        

      – Pete, Colorado Springs, CO  

     

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    "Upon my first visit to the office, I was in an unfamiliar part of town.  I was also bewildered and experiencing anxiety.  I was not even sure I should be there or how to proceed in a very new situation where my back was against a wall.  The first person I met in the office was the lovely receptionist.  I have to say that she has the absolutely right demeanor and is extremely successful in her position.  She has a slight but comforting smile and persona.  She is confident but not arrogant in processing the needs of clients.  I do not feel that this is a small achievement in any way.  I feel this person in many ways sets the tone for the office as the gate keeper of the office and emotional clients.  She definitely helped me thru this process with her silent and dedicated service to me, the clients and the office."

     

    John C., Colorado Springs, CO

     

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    "Upon entering Steve's office, one immediately knows they have entered his "zone".  Steve will talk, think, contemplate, then act.  He then spins his chair around, garbs paper, types on the computer and zaps something thru the printer.  Occasionally, a document needs to be scanned or something else from outside the office is needed, and Zap someone appears without having to yell down a hall or call out.  There is definitely a team here that is in sync.  There may be a question out of the blue suddenly or a brief conversation about something else.  The whole time, Steve is on point.  I felt from day one, a trustworthy confidence in placing my future in his hands.  I was not wrong.  I also never once felt rushed, brushed off or that my concerns were not his.  I felt that Steve is in this for me and his clients.  I have a debt, gratitude and confidence in Steve and the Swift team that far exceeds the fees pain." 

     

      – John C., Colorado Springs, CO

     

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    "Thank you to everyone who worked on my case.  My driving priviledges are now restored and I have a fresh start.  I am very grateful to the Swift Law Firm!   Everyone was very kind and helpful and easy to talk to.

    Ward was very knowledgeable and knows the pros and cons of your case. Definitely a man to listen to concerning your case, and he was very helpful!

    Matt Hansen is a good man, very helpful, gives good advice  AND he is willing to go the extra mile.  Steve Swift is a man of action who knows his profession.  He lifted a heavy burden, and I cannot thank him enough for an excellent job!"  

     

      - Henry R., Colorado Springs, CO  

     

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