What Property Can I Keep if I File Bankruptcy?
In a Chapter 13 case, you can keep all of your property. In a Chapter 7 case, you can keep all property that is “exempt” from the claims of creditors, meaning if the property in which you have any equity is sold for the benefit of creditors, the exempt amount must be given back to you. If the property is worth less than the exemption, however, it will not be sold and you will be allowed to keep it.
In Colorado, the following property is exempt from creditors claims:
- Home, including mobile homes – up to $60,000.00 in equity, or $90,000.00 if you are older than 60 or disabled
- Household goods – up to $3,000.00. Household goods include, but are not limited to, computers, sound systems, cameras, bicycles, and the usual furniture, appliances, etc.
- Food – up to $600.00.
- Motor vehicles – up to $5,000.00 in equity in vehicles or bicycles, or $10,000.00 if you are older than 60 or disabled
- Tools of your trade – up to $20,000.00
- Clothing – up to $1,500.00.
- Jewelry – up to $2,000.00
- Miscellaneous – up to $1,500.00 in books and family pictures; one burial site for you and each of your dependents; health aids; up to $3,000.00 for library of professional person
To learn more about whether or not Chapter 7 bankruptcy or Chapter 13 bankruptcy is your best option, schedule your free, confidential bankruptcy consultation with a Colorado bankruptcy attorney today. Our online scheduling system allows you to schedule bankruptcy consultation at a time that is convenient for you.
Colorado Bankruptcy Law Group, LLC is a personal bankruptcy firm serving clients in the greater Denver area.
