| In today's slow economy, more U.S. citizens than | | | | asset (their home). |
| ever are faced with impossible amounts of debt - | | | | A person's home isn't the only asset that's |
| and Colorado is no exception. Many Colorado | | | | exempted. Colorado also allows consumers to file |
| residents, faced with crippling debt, are | | | | bankruptcy without losing their vehicle. Since cars |
| contemplating bankruptcy. In some instances, | | | | are so important in our everyday lives, it makes |
| bankruptcy is a logical choice for anyone looking | | | | sense that they should be protected during |
| for a way to start over. However, many | | | | bankruptcy. Colorado consumers who file |
| consumers are reluctant to file bankruptcy | | | | bankruptcy are also allowed to keep tools that |
| because they fear losing important assets like | | | | are necessary for work, retirement assets, and |
| their home, car, or retirement benefits. | | | | basic necessities such as clothing and furniture. |
| Fortunately, the State of Colorado allows | | | | Colorado's bankruptcy exemption rules are |
| residents to keep their most important | | | | designed to help consumers, but they're not some |
| possessions while relieving themselves of crippling | | | | sort of pass that allows people to avoid their |
| debt. | | | | obligations. When a consumer files bankruptcy, |
| In fact, the state of Colorado is one of the most | | | | any cash, second homes, or valuables they have |
| progressive in the country when it comes to | | | | may be taken and distributed to creditors. These |
| bankruptcy. This is due in large part to Colorado's | | | | valuables can include clothing, jewelry, furniture, |
| relatively generous bankruptcy exemption rules. | | | | artwork, and even family heirlooms. If you're |
| When a consumer files chapter 7 bankruptcy in | | | | serious about filing bankruptcy and you'd like to |
| Colorado, they're entitled to a series of | | | | avoid losing your valuables, there are some |
| exemptions. Exemptions are an important legal | | | | strategies you can implement, but you must |
| right that allow people who are filing bankruptcy | | | | consult with a bankruptcy attorney to learn more |
| to keep important assets like their car or their | | | | about these strategies and how to implement |
| home. | | | | them. |
| While Colorado's exemptions are some of the | | | | Bankruptcy isn't something that should be taken |
| most generous, all U.S. states have bankruptcy | | | | lightly, and anyone considering bankruptcy would |
| exemptions of some kind. This is because | | | | be smart to consult with an attorney. Filing |
| bankruptcy - which is legal the process of | | | | bankruptcy can be a complicated legal process. |
| escaping insurmountable debt - is a constitutional | | | | There can be a lot of preparation involved, and if |
| right. The founders of the United States believed | | | | mistakes are made there can be serious legal and |
| that every person is entitled to protection from | | | | financial ramifications. Bankruptcy lawyers are |
| creditors, so they were sure to include this right in | | | | invaluable because they can help consumers avoid |
| the constitution. Since the U.S. has been founded, | | | | costly mistakes. |
| many famous people - such as Mark Twain, Walt | | | | Bankruptcy isn't always a simple process, and it's |
| Disney, Milton Hershey, and even former | | | | not a trick that allows consumers to avoid |
| President Harry Truman - have taken advantage | | | | obligations. However, bankruptcy is a legally |
| of the right to file bankruptcy. | | | | guaranteed right and a great way for some |
| First and foremost, the purpose of bankruptcy is | | | | consumers to get out from underneath |
| to protect citizens from crippling, overwhelming | | | | inescapable debt. It might not be for everyone, |
| debt. Since protection is the ultimate goal of | | | | but bankruptcy is a smart financial choice that is |
| bankruptcy, Colorado's lawmakers have defined | | | | legally guaranteed. Colorado residents are |
| fairly generous exemptions for residents. | | | | fortunate to live in a progressive, |
| Specifically designed to help consumers start | | | | consumer-oriented state with substantial |
| over, Colorado allows its residents to exempt as | | | | bankruptcy exemption rules. So, if you're |
| much as $60,000 dollars worth of home equity. | | | | considering bankruptcy and you live in Colorado, |
| This allows people to file bankruptcy and start | | | | your next step should be to contact a bankruptcy |
| their lives over without losing their most valuable | | | | attorney and discuss your options. |