Colorado Bankruptcy: What Property Can I Keep?
Colorado state laws govern what property individuals can keep when filing for bankruptcy relief in most cases. Colorado exemptions may not be available to some people based on certain circumstances and it’s important to seek advice from a knowledgeable bankruptcy attorney. At The Law Offices of W. Robert Montgomery, we are deeply familiar with the federal Bankruptcy Code, as well as Colorado state laws pertaining to bankruptcy.
Denver Metro Lawyers: Bankruptcy Exemptions
Understandably, most of our clients are concerned about losing their homes, their vehicles and other possessions. Fortunately, you have the right to claim a certain amount of value in most of these items if you have been a resident of the state for the last two years. If not, then the state where you previously lived may determine which exemption law is applicable. Typical items in which you may claim an exemption in Colorado include:
- House (residential home)
- Personal property
- Retirement accounts
- Tools of trade
- A percentage of wages
This list is not exhaustive, and it is important to remember that exemptions can vary depending on your unique situation.
You will likely be entitled to keep some of your property, but you may have to turn some over to a bankruptcy trustee who will sell it and use it to pay your creditors.
Bankruptcy pre-planning is extremely important. Come in and talk to our knowledgeable Colorado bankruptcy lawyers about what property you can keep. We can help you avoid a disastrous outcome and prevent future legal problems.
Call 720-496-1338 or toll free at 888-559-9805, or contact our law firm online to arrange your free initial consultation today. From our office in Lakewood, we assist clients throughout the Denver metro area.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.