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Ellen
Ellen, Attorney
Category: Business Law
Satisfied Customers: 36714
Experience:  25 years of experience helping people like you.
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short sale on home in denver co, can the bank garnish my federal

Customer Question

short sale on home in denver co, can the bank garnish my federal retirement check, Social security, IRA, Motor home (25K) household goods, two cars etc to make up the difference? what states can we set up residency before the short sale so the bank can not touch our assets legally
Submitted: 7 years ago.
Category: Business Law
Expert:  Ellen replied 7 years ago.
Hello,

The following assets cannot be attached by creditors in all states (with the exception of tax and child support creditors): federal retirement check, Social security, IRA

The state law of the state that you have resided in for the two years prior to filing bankruptcy governs what the bank can and cannot attach. Here are the exemptions for Colorado:
http://www.bankruptcyinformation.com/CO_exemp.htm
Ellen and other Business Law Specialists are ready to help you
Customer: replied 7 years ago.
you did not answer if the bank could also take our motor home and cars and household goods?
Expert:  Ellen replied 7 years ago.
Hello,

Here are the exemptions for Colorado:
http://www.bankruptcyinformation.com/CO_exemp.htm

Exemptions are what the bank cannot take.

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