Can I keep certain types of property when filing for bankruptcy?

Yes, you can keep certain types of property when filing for bankruptcy in Colorado. Colorado, like many other states, allows people to keep a certain amount of essential property when filing for bankruptcy. Under Colorado law, this property is referred to as exempt property or exempt assets. These exemptions are designed to protect people who may be filing for bankruptcy by allowing them to keep assets that are essential for everyday living. Some of the types of property that may be exempt includes: a certain amount of equity in your home, car, household goods, furniture, and some jewelry; two cows, two horses, and one calf; tools of your trade; and clothing. Colorado also allows for you to use the federal exemptions, such as a certain amount of wages, public benefits, and retirement accounts. When you file for bankruptcy, you must list all of your assets on the bankruptcy paperwork. If you have any assets that are not exempt, the bankruptcy trustee assigned to your case may take control of them and sell them in order to pay off your creditors. It is important to understand the exemptions allowed in Colorado in order to determine what assets you may still keep if you decide to file for bankruptcy.

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Can I keep certain types of property when filing for bankruptcy?

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