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Please see the end of this article for a short list of the most commonly used exemptions used.
Most Chapter 7 bankruptcy cases are considered “no asset” cases which means the debtor exempts everything they own and leaves no asset to repay creditors. Your household goods like sofa, tables, bed etc. are used and hold very little if any resale value. Pension, IRA and 401k savings cannot be used to pay your debts. Unless you have equity in your home or car the Trustee is not usually motivated to sell them and use the excess to pay creditors. In a Chapter 13 case the exemptions you are allowed are the same as a Chapter 7. However, in a Chapter 13 cases you usually keep all of your assets as long as the plan is completed.
The Gaschler Law Firm believes strongly in approaching the bankruptcy process with complete disclosure and honesty. Hiding assets or undervaluing them is a criminal offense. With the exemptions that the law allows there is no need to worry about your assets and no need to hide or otherwise not fully disclose them to the Court. The bankruptcy court can actually go back as many as four years looking for fraudulent transaction under Colorado law. These transactions can then result in severe financial penalties, your case being dismissed and even criminal charges. The Gaschler Law Firm will help you protect your assets within the law and receive a discharge from your debts.
Here is a partial list of property that Colorado residents can keep in bankruptcy. These exemptions are subject to change, you should consult with one of the experience Colorado bankruptcy attorneys at The Gaschler Law Firm for specific information about your situation!
Individual Joint
Exemption Exemption
Automobile $ 5,000.00 $10,000.00
Earnings 75% 75%
Home Equity $60,000.00 $60,000.00
Household Goods $ 3,000.00 $ 6,000.00
Books, Music, Movies $ 1,500.00 $ 3,000.00
Pension, 401k, IRA 100% 100%
Work Tools $20,000.00 $40,000.00
Jewelry $ 2,000.00 $ 4,000.00
Clothes $ 1,500.00 $ 3,000.00
There is no need to struggle on your own! The compassionate attorneys and staff at The Gaschler Law Firm are experienced in helping consumers get relief from their debts through Chapter 7 and Chapter 13 Bankruptcy protection! Call Today!
One of the most frightening aspects of bankruptcy for most people is the potential loss of assets. The Gaschler Law Firm, LLC has vast experience in helping clients keep and protect their assets. The bankruptcy laws also assist you in this area. The bankruptcy law allows each person to keep what is called exempt property.
Exempt Property in Bankruptcy
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