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Colorado Personal Property Exemptions: The Property Creditors Can Not Touch!
In a U.S, federal bankruptcy case, your lawyers can use Colorado state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Colorado bankruptcy exemptions that a bankruptcy lawyer can use to help keep creditor's hands off your cherished possessions. The Colorado bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a bankruptcy case is often very involved. Additionally, the Colorado bankruptcy exemptions below are not an exhaustive list, therefore you should contact the of Legal Helpers to determine the other types of property that you own which may be exempt.
Homestead Colorado Bankruptcy Exemptions
This exemption can be used to protect up to $45,000 in equity in your house. Unfortunately you can't use this exemption to protect a rental property or a house you are not living in.
Motor Vehicle Colorado Bankruptcy Exemptions
Your Colorado bankruptcy lawyers can use this exemption to protect $3,000 in value of any one motor vehicle listed in your bankruptcy. Additionally, if you are considered elderly or disabled then your lawyers might be able to exempt $6,000 in the value of your automobile.
Clothing, Textbooks, Bible, Family Pictures Colorado Bankruptcy Exemptions
This exemption allows your bankruptcy lawyers to protect $1,500 in the value of your interest in various personal items such as your clothing and personal heirlooms.
Life Insurance Proceeds Colorado Bankruptcy Exemptions
This Colorado bankruptcy exemption can protect 100% of the payments under a life insurance contract that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).
Alimony, Support Colorado Bankruptcy Exemptions
Your bankruptcy lawyers may also be able to exempt 100% of your alimony, support, or separate maintenance, to the extent reasonably necessary to help support you during your U.S. federal bankruptcy.
Qualified Retirement Plan Colorado Bankruptcy Exemptions
Your U.S. bankruptcy lawyers can prevent creditors from touching the proceeds of your hard-earned retirement plan. They can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as we determine that your savings are in a qualified retirement plan.
Tools of the Trade, Professional Books Colorado Bankruptcy Exemptions
This is a useful exemption that we use to protect up to $10,000 of the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.
Unemployment Compensation Benefits Colorado Bankruptcy Exemptions
Your lawyers can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.
Unemployment Compensation Colorado Bankruptcy Exemptions
This exemption can be used to protect 100% of unemployment compensation you receive under Colorado unemployment compensation laws.
Learn more about Connecticut bankruptcy exemptions.