What Are the Colorado Bankruptcy Exemptions?
Bankruptcy is a legal proceeding in which a person who cannot pay his creditors may be relieved of some of his debts and given a fresh start. The right to file for bankruptcy is provided by federal law, and all bankruptcies are handled in federal court.
However, the specifics of each bankruptcy case are governed by state law. This includes the types of debt that can be discharged in bankruptcy, as well as the property that the debtor is allowed to keep (known as "exemptions").
Colorado has its own set of exemptions that are different from the federal exemptions.
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