Filing for bankruptcy in Colorado is a complex process carried out in federal court. Understanding your exemptions is critical to making the most of petitioning the court for a fresh financial start.
The Denver bankruptcy lawyers at George T. Carlson & Associates will assist you in a thorough review of your financial situation. The most critical part of the process is determining assets, liabilities, creditors, exemptions and debts not eligible to be discharged. After thorough consultation, you may choose to file either Chapter 7 bankruptcy or Chapter 13 bankruptcy. Under Chapter 7, most debts are discharged and the consumer is given a fresh financial start. Under Chapter 13 – filed by those with large assets they wish to keep or who are not eligible for Chapter 7 – a 3-5 year repayment plan is established and debts may be forgiven upon successful completion.
What’s exempt from my Denver Bankruptcy?
Exemptions for Chapter 7 Bankruptcy include:
- Home equity up to $60,000.
- Up to $5,000 equity in your vehicle.
- Possessions related to your job in an amount up to $20,000.
- Pension or retirement funds held in IRA, 401(k).
- Benefits such as social security, unemployment, veteran’s benefits and public assistance.
- Art, collectibles up to $1,500.
- Jewelry up to $2,000.
- Up to $3,000 in household goods.
With the exception of the home equity exemption, the amount of each exemption doubles for married couples. Other exemptions that you may qualify for include:
- Proceeds from the sale of a residence more than two years ago.
- Life insurance proceeds if a clause prohibits use to pay a beneficiary’s creditors.
- Disability benefits.
- Proceeds from homeowner’s insurance.
- Property owned in business partnership.
- Burial plots.
- Personal injury settlements.
Consulting an experienced Denver bankruptcy attorney is the best bet when it comes to ensuring you get all of the protections offered by federal bankruptcy laws. You should also be aware of the bankruptcy fraud laws in Colorado, which can result in serious consequences if the government determines you have hidden assets or otherwise acted illegally by transferring assets or violating the law. At George T. Carlson & Associates we will thoroughly review your case and prepare a plan that allows you to make maximum use of the law.
Together we will work toward your new life and the fresh financial start that will allow you to enjoy life.
Contact a Colorado Bankruptcy Attorney Today
If you need bankruptcy assistance in Denver or would like more information, call George T. Carlson & Associates today at 303-789-1313 for a free consultation or contact us online. We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code. Serving clients in Denver and throughout Colorado, including Aurora, Englewood, Lakewood and Boulder.
Denver Bankruptcy Help – 303-789-1313 – Free Consultation
