Colorado Bankruptcy
Thinking about filing bankruptcy? Chapter 7 bankruptcy was created to eliminate debt. Talk to a Colorado bankruptcy attorney today about your options.
We can easily connect you with a Colorado bankruptcy lawyer in your area. All you have to do is plug in your ZIP code below and fill out our free 2-minute bankruptcy evaluation form. Take charge of your debt and make the first move today.
Filing Chapter 7 Bankruptcy in Colorado
A Colorado Chapter 7 bankruptcy lawyer will likely explain that Chapter 7 bankruptcy is often referred to as liquidation because the bankruptcy trustee has the option of liquidating (selling) a debtor’s non-exempt assets in order to repay unsecured debts.
But don’t panic–many people who file Chapter 7 bankruptcy don’t own any non-exempt property. This means that no assets are liquidated and they are able to keep nearly, if not all, of their property.
Colorado Bankruptcy Exemptions
People who live in Colorado and are considering filing Chapter 7 bankruptcy in order to get a fresh start and have unsecured debts discharged will benefit greatly from speaking with a Colorado Chapter 7 bankruptcy lawyer to determine how much and which property may be exempt from liquidation.
Below you will find information that will provide a starting point when considering Colorado Chapter 7 exemptions. However, this is just basic information. Your Colorado Chapter 7 bankruptcy lawyer can provide many more details about exemptions.
A Colorado Chapter 7 bankruptcy lawyer can provide further information on these important Chapter 7 bankruptcy exemptions in Colorado:
Homestead:
- Up to $60,000 for homes occupied by owner and owner’s family.
- Up to $90,000 for homes occupied by the elderly or disabled; spouse of the elderly or disabled; or homeowner with elderly or disabled dependent.
Wages: 75 percent of disposable earnings, includes health, accident and disability insurance benefits.
Vehicles:
- Up to $1,500 of your equity in all vehicles or bicycles. If the debtor is elderly or disabled or has an elderly or disabled spouse or dependent, up to $10,000 in equity of all vehicles and bicycles is exempt.
- Up to $10,000 of equity in vehicles and bicycles if debtor is elderly, disabled or has an elderly or disabled spouse or dependent.
Personal Property:
- Up to $5,000 in necessary clothing for you and each dependent.
- Up to $2,000 in watches, jewelry and other articles of adornment for you and each dependent.
- Up to $3,000 in household goods.
Questions? Talk to a Colorado Chapter 7 Bankruptcy Lawyer Today
As you can see, Colorado exemptions can be quite specific and even a bit contradictory at times. Because of this, it may be a good idea to have a Colorado Chapter 7 bankruptcy lawyer on your side.
At Chapter7.com, we can connect you with a Colorado bankruptcy lawyer near you in little time. All you have to do is fill out our free bankruptcy case evaluation form and we’ll put you in touch with a local Colorado bankruptcy lawyer as soon as possible.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.