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What can I Keep if I File for Bankruptcy in Colorado?

Denver Bankruptcy Lawyer David M. Serafin discusses what you can keep if you file for bankruptcy in Colorado.

"Exemption" is a bankruptcy term which describes property you can keep when filing for bankruptcy in Colorado. A bankruptcy debtor is permitted to keep (exempt) the basic assets so as to obtain a "fresh start."

The new bankruptcy laws do not require you to sell everything you own in live in abject poverty. You still will be able to maintain a place to live, motor vehicle and debt relief in order to have a “fresh start.”

For example, if bankruptcy allows you to prevent against foreclosure on your home, your home would be "exempt” from claims made by the bankruptcy estate. In completing the paperwork to file bankruptcy, we would claim the home as exempt property. If neither the Bankruptcy trustee nor any creditors file an objection to the exemptions taken by the Bankruptcy debtor within 30 days after the 341 Meeting of Creditors, they become final 30 days after the 341 Meeting of Creditors. Exempt property is then not deemed to be included within the bankruptcy estate.

The Colorado bankruptcy laws do permit you to exempt a certain amount of equity in a primary residence or motor vehicle depending on the value of the property, your age and your overall circumstances.

Household goods and personal effects are typically exempt because they have low resale value, making such worthless for the bankruptcy trustee to seize, dispose of, and pay creditors.

Pension and retirement plans are rarely ever included in the bankruptcy estate or are almost always exempt from the bankruptcy estate depending on your circumstances. The new bankruptcy laws increased the exemption for IRAs to $1,095,000, regardless of your state of residence.

Client Reviews
★★★★★
David Serafin is a talented and respectful attorney that works hard to get the best results for his clients. He's thorough at reviewing client cases and patient at explaining all the available options. I would certainly recommend him to anyone searching for help with a bankruptcy, a tax situation or estate planning. A. K.
★★★★★
Mr. Serafin is a consummate professional and his hard work and legal advice are second to none. He will give you outstanding personalized legal service, and you will be glad you chose him as your attorney. While some lawyers have a bad reputation for lacking ethics, Mr. Serafin holds himself to the highest of ethical standards and is in good standing with the Colorado bar. Pick Mr. Serafin for your tax and other legal needs - you will be glad you did. R.S.
★★★★★
If you are in need of a excellent attorney who will provide you support, guidance, professionalism, and most importantly, INTEGRITY. David does it all! I would not pass up his due diligence! R. T.