| If you're a Colorado resident facing an | | | | exempt their vehicle, their retirement assets, and |
| insurmountable amount of debt, you may be | | | | many basic possessions that are necessities (like |
| considering bankruptcy. Bankruptcy helps people | | | | clothing and furniture). Again, bankruptcy is |
| get out from underneath crippling debt, but many | | | | designed to protect consumers and help them |
| consumers ignore bankruptcy options because | | | | start over. Important possessions that are |
| they're afraid they will lose their car, home, or | | | | needed for daily life - like a car and tools for work |
| retirement benefits if they decide to file. | | | | - can be kept out of bankruptcy. |
| Fortunately, filing bankruptcy in Colorado doesn't | | | | Colorado's bankruptcy exemption rules are |
| mean you will lose your home or your car. In | | | | designed to help consumers, but they're not some |
| fact, consumers in Colorado can escape debt | | | | sort of pass that allows people to avoid their |
| without losing their most important possessions | | | | obligations. When a consumer files bankruptcy, |
| thanks to bankruptcy exemptions. | | | | any cash, second homes, or valuables they have |
| Colorado is one of the more bankruptcy-friendly | | | | may be taken and distributed to creditors. These |
| states in the country. Unlike many other U.S. | | | | valuables can include clothing, jewelry, furniture, |
| states, Colorado has relatively relaxed exemption | | | | artwork, and even family heirlooms. If you're |
| rules for Chapter 7 bankruptcy filers. An | | | | serious about filing bankruptcy and you'd like to |
| exemption rule allows a person filing bankruptcy | | | | avoid losing your valuables, there are some |
| to keep certain assets "out" of the bankruptcy. | | | | strategies you can implement, but you must |
| This means that filing bankruptcy can get you out | | | | consult with a bankruptcy attorney to learn more |
| from underneath unsecured debts without losing | | | | about these strategies and how to implement |
| your vehicle or your home. | | | | them. |
| Bankruptcy exemptions exist because the | | | | Bankruptcy isn't something that should be taken |
| founders of the United States believed that the | | | | lightly, and anyone considering bankruptcy would |
| common person is entitled to protection from | | | | be smart to consult with an attorney. Filing |
| creditors. The right to file bankruptcy is protected | | | | bankruptcy can be a complicated legal process. |
| in the U.S. Constitution, and since the United | | | | There can be a lot of preparation involved, and if |
| States has been founded, many famous business | | | | mistakes are made there can be serious legal and |
| owners and politicians have taken advantage of | | | | financial ramifications. Bankruptcy lawyers are |
| this legal right. Henry Ford, Abe Lincoln, Mark | | | | invaluable because they can help consumers avoid |
| Twain, and Walt Disney - among many others - | | | | costly mistakes. |
| have all taken advantage of their constitutionally | | | | Bankruptcy isn't always a simple process, and it's |
| protected rights and filed bankruptcy. | | | | not a trick that allows consumers to avoid |
| Because bankruptcy is designed to protect | | | | obligations. However, bankruptcy IS a legally |
| consumers, the bankruptcy laws are written so | | | | guaranteed right and a great way for some |
| that individuals can escape crippling debt without | | | | consumers to get out from underneath |
| losing important assets. A person's home, for | | | | inescapable debt. It might not be for everyone, |
| example, is often a lifetime investment. In | | | | but bankruptcy is a smart financial choice that is |
| Colorado, not only can residents can keep their | | | | legally guaranteed. Colorado residents are |
| home during bankruptcy, but they can also keep | | | | fortunate to live in a progressive, |
| as much as $60,000 worth of home equity. | | | | consumer-oriented state with substantial |
| Colorado residents CAN file bankruptcy without | | | | bankruptcy exemption rules. So, if you're |
| losing their homes. | | | | considering bankruptcy and you live in Colorado, |
| Colorado provides exemptions for other important | | | | your next step should be to contact a bankruptcy |
| assets as well. Colorado residents are entitled to | | | | attorney and discuss your options. |