Once you list the property you claim as exempt under the Bankruptcy Code, a party in interest, normally a creditor, has 30 days from the date of the meeting of creditors to object to any of your claimed exemption.
Colorado Bankruptcy Exemptions
Federal Rule of Bankruptcy Procedure 4003(b)(1) states,
Except as provided in paragraphs (2) and (3), a party in interest may file an objection to the list of property claimed as exempt within 30 days after the meeting of creditors held under § 341(a) is concluded or within 30 days after any amendment to the list or supplemental schedules is filed, whichever is later. The court may, for cause, extend the time for filing objections if, before the time to object expires, a party in interest files a request for an extension.
This means that even if no one shows up at the meeting of creditors, you’re still not quite out of the woods. A creditor can show up and argue that your claim of an exemption is improper and should be disallowed. If the creditor wins that argument, the property or asset that you claimed as exempt can be sold, with the proceeds going to creditors.
Talk To A Bankruptcy Lawyer In Denver, Colorado To Learn More About Colorado Bankruptcy Exemptions
If you have questions about what property is protected when you file bankruptcy in Colorado and whether a creditor can object to your exemptions, please call us at 303.331.3403 to schedule a free consultation with an experienced Colorado bankruptcy lawyer. You can also use our online scheduling system to make an appointment.