This article is intended to provide a brief summary of the bankruptcy exemptions applicable to those who plan to visit the Colorado bankruptcy courts. Please note, however, that these laws and exemptions are subject to change, so you should always consult with an attorney or barrister before making any final decisions!
Important Bankruptcy Exemptions in Colorado
It should be noted that certain states permit you to choose between federal and state law at the outset of your case. Colorado is not included in this list. The bankruptcy courts in Colorado require you to follow state law, not federal law.
Home/Occupied Residence
People in Colorado are typically most interested in the homestead exemption. In the event of bankruptcy, the homestead exemption allows you to retain your home and other occupied property. If your property is worth less than $60,000, you can keep it if you file for bankruptcy. The homestead exemption increases to $90,000 if you, your spouse, or a dependent is (a) disabled or (b) over the age of 60.
Vehicles
In addition, if you use a car to get to work, you can keep it if its value is less than $5,000. Again, the limit increases to $10,000 if you, your spouse, or a dependent satisfy the aforementioned requirements.
Other Importants
If you file for bankruptcy, you should not have to fear about losing all of your possessions. Additional Colorado bankruptcy exemptions include burial plots (one per family member), jewelry (up to $2,000), household assets (up to $3,000), clothing ($1,500), and food and fuel ($600).
In Colorado, filing for bankruptcy will not ruin your finances. State laws ensure that you are left with enough money to live comfortably and recover. Fear should not prevent you from registering for bankruptcy. Exemptions from bankruptcy afford protection. And protection is what the process is all about. After all, there is bankruptcy for the overburdened. If this describes your situation, you must know that there is a way out.
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