If you're filing for bankruptcy in Colorado, bankruptcy exemptions are probably something you have more than a few questions about. And you should! Knowing what bankruptcy exemptions you can take advantage of is an important part of filing. After all, doing your research ahead of time is a responsible first step as you investigate the process.
This article is designed to be a short list of some of the bankruptcy exemptions that apply to those who are planning on visiting the Colorado bankruptcy courts. Please note, however, that these laws and exemptions do change, so you should always seek out the professional advice of a lawyer or attorney before making any final decisions!
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Important Colorado Bankruptcy Exemptions
It should be pointed out that some states allow you to choose between the Federal and the State laws at the beginning of your case. Colorado is not one of these states. The Colorado bankruptcy courts require you to proceed under state laws, not Federal laws.
Home/Occupied Property
Typically, people are most interested in the Colorado homestead exemption. The homestead exemption is what allows you to keep your house/occupied property in the event of bankruptcy. If your home is worth $60,000 or less, you can hold onto it when you file for bankruptcy. If you, your spouse, or a dependent is (a) disabled or (b) over the age of 60, then the homestead exemption bumps up to $90,000.
Vehicles
Also, if you're using a car to get to work, you can retain the vehicle if the value is no more than $5,000. Again, the limit goes up to $10,000 if you, your spouse, or your dependent meet the requirements mentioned above.
Other Essentials
If you're filing for bankruptcy, you shouldn't have to worry about losing everything you own. Other bankruptcy exemptions for residents of Colorado include burial plots (one per family member), jewelry (up to $2,000), household goods (up to $3,000), clothing ($1,500), and food and fuel ($600).
In Colorado, bankruptcy isn't going to destroy you, financially. State laws insure that you're left with enough to live comfortably and get back on your feet again. Don't let fear keep you from filing for bankruptcy. Bankruptcy exemptions offer protection. And, that's what the process is all about: protection. After all, bankruptcy exists for those who are over-burdened. If that phrase describes your situation, then you need to know that there is a way out.
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