A Creditor Cannot Force You To Waive Your Colorado Bankruptcy Exemptions
Section 522(e) of the Bankruptcy Code prohibits creditors from forcing a debtor to waive an available exemption in bankruptcy.
Section 522(e) reads:
A waiver of an exemption executed in favor of a creditor that holds an unsecured claim against the debtor is unenforceable in a case under this title with respect to such claim against property that the debtor may exempt under subsection (b) of this section. A waiver by the debtor of a power under subsection (f) or (h) of this section to avoid a transfer, under subsection (g) or (i) of this section to exempt property, or under subsection (i) of this section to recover property or to preserve a transfer, is unenforceable in a case under this title.
If a creditor is asking you to waive your right to an exemption, you may want to talk to a bankruptcy attorney. They are trying to force you into a compromising position and asking you to do something illegal. Who knows what else they might try to do.
Learn More About Colorado Bankruptcy Exemptions
It probably doesn’t surprise you that there are many creditors and debt collectors out there who are willing to use unscrupulous practices to force you to pay a debt that you can’t afford. If you would like to learn more about how Colorado bankruptcy exemptions can protect your property, we hope you’ll come into our Denver law office for a free, no-obligation consultation with an experienced Colorado bankruptcy lawyer. You can call 303.331.3403 to make an appointment or use our online scheduling system.