Colorado Upgrades its Exemption Statute

Bankruptcy Debtors Can Now Keep More of What They Own

The Highlights of Colorado's Recent Amendments to its Exemption Law are:

                                                                  OLD AMOUNT                                                        NEW AMOUNT

1. Equity in Home                                       $75,000                                                                  $250,000

2. Equity in Home (Sr. or Disabled)            $105,000                                                                $350,000

3. Tools supplies used in occupation          $30,000                                                                  $60,000

4. Motor vehicles (up to two)                       $7,500                                                                    $15,000

5. Motor vehicles (Sr. or Disabled)              $12,500                                                                  $25,000

6. Firearms                                                  $0                                                                           $1,000

7. Bank deposits                                          $0                                                                           $2,500

The take away from these changes is that more people who are facing financial problems, even homeowners, may be able to file for Chapter 7 bankruptcy and obtain prompt forgiveness of their debts in a process that takes only 90 days and does not require any in-person court appearances.

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