One of the biggest concerns for people considering bankruptcy is what happens to their personal property when they file.
The intent of the Bankruptcy Code is not to leave filers destitute and without anything. Bankruptcy is intended to provide a fresh start and doesn’t require you to lose everything.
In that spirit, the Colorado bankruptcy exemption allows filers to keep up to $3,000 (based on garage sale value) in household goods.
Colorado Revised Statute Section 13-54-101(4) defines household goods as:
household furniture, furnishings,dishes, utensils, cutlery, tableware, napery, pictures, prints, appliances, stoves, microwave ovens, beds and bedding, freezers, refrigerators, washing machines, dryers, exercise equipment, musical instruments, bicycles, sewing machines, toys, and home electronics, including but not limited to cameras, television sets, radios, stereos, computers, facsimile machines, telephones, and other audio and video equipment.
As you can see, the household goods exemption covers most personal property for most people. Again, we base the value of our clients’ property on what they would expect to receive if they sold it at a garage sale, not what it would cost to buy the items new.
If you have questions about filing bankruptcy in Colorado, we hope you’ll come in for a free consultation with an experienced lawyer. You can make an appointment by calling 303.331.3403 or by using our online scheduling system.