What Are the Colorado Bankruptcy Exemptions?
When filing for bankruptcy, Colorado residents are able to exempt certain assets from their creditors. This means that even if you declare bankruptcy, you do not have to give up all of your possessions. The state of Colorado has specific laws that determine which items can be kept and those that must be surrendered during the bankruptcy process.
For those who are considering filing for bankruptcy in the state of Colorado, it is important to understand what assets are exempt under state law. Generally speaking, common exemptions include equity in a primary residence or car up to a certain value, furniture and clothing valued up to $7000 total, retirement accounts such as IRAs or 401(k)s, life insurance policies with cash surrender value and up to $2550 worth of tools used in the trade of an individual's profession.
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