Colorado Bankruptcy Laws

Filing Chapter 7 and Chapter 13 Bankruptcy in Colorado

If you live in the state of Colorado and are thinking of filing for bankruptcy a Colorado bankruptcy attorney will go over all of your choices.

Learn, with the help of a Colorado bankruptcy attorney, whether filing Chapter 7 or Chapter 13 bankruptcy is right for you.

For a consultation with a local Colorado bankruptcy attorney just fill out the form on this page.

Fill out our 10-second application form and have one of our attorneys contact you!

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Find Out More Regarding Chapter 7 and Chapter 13 Bankruptcy

In your initial consultation with your Colorado bankruptcy attorney you will learn all of the important differences from Chapter 7 and Chapter 13 bankruptcy.

Within this consultation your bankruptcy attorney in Colorado will ask you many personal finance questions or provide you with a profile sheet to list specific details regarding your finances. The answers you provide should assist you and your attorney in deciding if filing Chapter 7 or Chapter 13 bankruptcy is appropriate for you.

Chapter 7 bankruptcy is usually called liquidation as the bankruptcy trustee may opt to sell or auction non-exempted property (see State Exemptions list below).

However, in the majority of Chapter 7 bankruptcy cases, the individual filing bankruptcy owns no non-exempt property, so this would not apply to the majority of filings. Provided you do not own much property or have many assets Chapter 7 bankruptcy may be the best choice since you would be allowed to discharge most of your unsecured debt.

Before filing Chapter 7 bankruptcy please discuss your situation with a Colorado bankruptcy attorney to determine exactly how much property may be exempt from liquidation.

Colorado State Exemptions

Homestead

1. Up to $60,000 for homes occupied by owner and owner’s family.
2. Up to $90,000 for homes occupied by the elderly or disabled; spouse of the elderly or disabled; or homeowner with elderly or disabled dependents.

Wages

75 percent of disposable earnings, includes health, accident and disability insurance benefits.

Vehicles

1. 1. Up to $5,000 of your equity in all vehicles or bicycles. If the debtor is elderly or disabled or has an elderly or disabled spouse or dependent, up to $10,000 in equity of all vehicles and bicycles is exempt.
2. Up to $10,000 of equity in vehicles and bicycles if debtor is elderly, disabled or has an elderly or disabled spouse or dependent.

Personal Property

1. Up to $1,500 in necessary clothing for you and each dependent.
2. Up to $2,000 in watches, jewelry and other articles of adornment for you and each dependent.
3. Up to $3,000 in household goods.

Chapter 13 Bankruptcy is often called “reorganization”. Those filing Chapter 13 may own more property and by filing Chapter 13 may also retain the majority of their assets.

In Chapter 13 bankruptcy, the debtor constructs a proposal for a repayment plan for a term of 3 to 5 years, which must be approved by a bankruptcy court. This installment plan allows the debtor to repay outstanding bills.

Speak with a Colorado Bankruptcy Attorney

If you have thought about filing bankruptcy in Colorado you may not know where to begin or simply feel burdened by the mountain of bankruptcy laws.

To resolve any questions about the bankruptcy laws, a Colorado bankruptcy attorney will be able to walk you through the bankruptcy process in everyday terms.

When you consult a Colorado bankruptcy attorney you will also be able to get many of your questions and concerns answered in the initial consultation.

We take the headache out of finding a good Colorado bankruptcy attorney.  Just complete our free bankruptcy questionnaire on this page and we will connect you with a Colorado bankruptcy attorney in your area.

Note: This is not legal advice.  All bankruptcy laws in any state need the consult of a bankruptcy attorney licensed in that state.  Consult a local attorney if you are seeking legal advice.  Some or all bankruptcy laws may have changed since this page was created.

Bankruptcy attorneys are available in the following Colorado cities:

AF ACCTG & FINANCE CTR, AF RESERVE PERS CTR, AFFILIATED BANKS SERVICE CO, ALMA, ARVADA, AURORA, BAILEY, BANK AMERICARD, BELLVUE, BERTHOUD, BLUE CROSS BLUE SHIELD OF CO, BROOMFIELD, BUFFALO CREEK, CASTLE ROCK, COLORADO D M V DEPT OF REV, COLORADO DEPT OF REVENUE, COLORADO STATE UNIVERSITY, COMO, CONIFER, DENVER, DRAKE, ENGLEWOOD, ESTES PARK, EVERGREEN, FAIRPLAY, FIRESTONE, FORT COLLINS, FRANKTOWN, FREDERICK, GLEN HAVEN, GOLDEN, GRANITE CANON, GRANT, GREELEY, GUFFEY, HARTSEL, HGHLNDS RANCH, IDLEDALE, INDIAN HILLS, JEFFERSON, JELM, KITTREDGE, LAKE GEORGE, LAPORTE, LARKSPUR, LITTLETON, LIVERMORE, LONGMONT, LOUVIERS, LOVELAND, MASONVILLE, MORRISON, PARKER, PINE, RED FEATHER LAKES, SEDALIA, SHAWNEE, TIMNATH, WELLINGTON, WESTMINSTER, WHEAT RIDGE