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  • An Overview of Colorado Bankruptcy Exemptions (Part 2)

    Colorado bankruptcy exemptions determine what assets debtors can keep when they file for Chapter 7 or Chapter 13 bankruptcy in Colorado.

    Colorado bankruptcy exemptions determine what assets debtors can keep when they file for Chapter 7 or Chapter 13 bankruptcy in Colorado.

    Picking up from An Overview of Colorado Bankruptcy Exemptions (Part 1), here are some additional bankruptcy exemptions that debtors who file from bankruptcy can use in order to keep some of their assets and property. When spouses file for bankruptcy together (i.e., jointly file for bankruptcy), they can effectively double these exemptions because each spouse will be allowed to claim up to the maximum amount of the exemption for a particular asset.

    • Personal property – These assets can include clothes, jewelry, household appliances, etc. For household goods and clothing, bankruptcy petitioners can claim up to $3,000 and $1,500 respectively, in bankruptcy exemptions. Colorado laws also allow for up to $2,000 in jewelry exemptions and up to $50,000 in livestock exemptions.
    • Pensions, Insurance benefits and other benefits – Pensions, group life insurance policies (and life insurance proceeds), workers’ compensation benefits, veterans’ benefits and unemployment benefits will all be 100 percent exemption from a bankruptcy case unless a debtor has an unpaid child support claim filed against him. Additionally, up to $200 per month from disability insurance also qualifies as a bankruptcy exemption.
    • Tools of the trade – Debtors can claim up to $20,000 in work-related tools as being exempt from bankruptcy proceedings.
    • Compensation for criminal behavior – Also referred to as restitution payments, the entire sum of these payments will qualify as a bankruptcy exemption.
    • Burial sites – Debtors can claim one burial site for themselves and one for each dependent as bankruptcy exemptions.

    Because the laws governing Colorado bankruptcy exemptions are regularly changed, debtors should not attempt to file for bankruptcy without the help of an experienced attorney, as they could be missing out on some key exemptions that would allow them to keep as much of their assets as possible.

    Colorado Bankruptcy Lawyers

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.


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