What Can I Keep in a Bankruptcy Filing?
People who are considering bankruptcy are understandably concerned about which assets they may lose. The answer depends on the type of bankruptcy and assets as well as which state you live in. If you have questions, it is best to discuss them with a bankruptcy lawyer.
At Faletti Law Office PC, we can answer all of your bankruptcy questions and help you determine whether bankruptcy is right for you. If we believe another type of debt relief would better suit your needs, we will tell you upfront. For a free consultation, please call 720-863-4426 or contact us online.
We Can Tell You How the Law Applies to You
Before you file bankruptcy or begin to liquidate assets, you should speak with an attorney. You need to consider your assets, earnings, property and the type of debt you have before making any decisions. We will review your finances and help you decide which option may work for you.
By law, exempt property in a Colorado bankruptcy includes:
- Homestead exemption: Provided you have sufficient equity in the home, the following exemption applies: Property consisting of a home that you own and occupy with an equity valued at up to $60,000. If you, your spouse or a dependent is disabled, the amount is $90,000. If you or your spouse is age 60 or older, the amount is also $90,000.
- Vehicle exemption: $5,000 for a single person; $10,000 for a married person. If the person is disabled, the equity value is $20,000. If you or your spouse is age 60 or older, the $10,000 and $20,000 exceptions also apply.
- Household goods
- Jewelry and clothes
- Whole life insurance policies up to $50,000
- Retirement accounts, pensions and 401(k) plans
- Social Security and unemployment compensation
- Earned Income Credit and Child Tax Credit from tax refunds
- Tools of the trade for small businesses and self-employed individuals
- Fuel provisions for people living in the mountains
In addition, some bank accounts may be exempt. Talk to our attorney to find out how these laws may apply to you.
Denver Bankruptcy Help
To schedule a free consultation, please call 720-863-4426.
