Since most people are more familiar with Chapter 7 bankruptcy, they tend to think that if a person files for bankruptcy, everything they own is going to get picked up by movers and they’ll be left penniless.
That image is only in consumers’ minds because credit card companies and banks have done a great job of demonizing bankruptcy as some type of decision that consumers should be embarrassed about making. But bankruptcy laws were designed to help consumers.
In Chapter 7 bankruptcy, it is true that assets may be needed for liquidation in order to pay back creditors. But bankruptcy laws, again, were written to protect consumers. So, take that into consideration. And that’s where exemptions come in.
Colorado Springs Bankruptcy Attorney Stephen H. Swift is experienced in handling these types of matters. And experience is critical when dealing with property and assets that are important to the client. Wrong decisions by an attorney can see these valuables ending up in the hands of creditors.
So, what’s protected from creditors in Colorado bankruptcy?
Deciding which assets to hold exempt is often the most complicated part of the bankruptcy process.
There are legal ramifications and it is a matter that an experienced Colorado Springs bankruptcy lawyer should be called on to address. So, what can be claimed as an exemption in Colorado bankruptcy?
- Real property up to $60,000 or up to $90,000 if the filer is older than 60 and disabled.
- Personal property, including watches, jewelry and articles of “adornment” up to $2,000 in value.
- Clothes of up to $1,500 in value.
- Books, family pictures and school books up to $1,500 in value.
- Burial sites.
- Up to $3,000 in household goods.
- Vehicles or bicycles with an aggregate value of up to $5,000.
These are only a few examples of the exemptions that are available for filers. There are others. And it takes sound reasoning and research on the part of a bankruptcy attorney and input from the client to determine which assets are best protected.
What’s the First Step in Protecting My Assets?
If you are considering bankruptcy, call for a free initial consultation to discuss your situation, your rights and whether bankruptcy may be right for you. The Law Office of Stephen H. Swift is available for a free initial consultation. Information on related topics are also available on our website.
Serving clients in in Colorado Springs, Pueblo, Denver and the surrounding area.
At the Law Office of Stephen H. Swift, we are committed to guiding you on the path to a fresh start. Call today for a free initial consultation or contact us through this website.
Colorado Springs bankruptcy – 866-893-2440 or 719-520-0164 – legal consultation
