Certain property is allowed to be withheld from the bankruptcy process according to the Bankruptcy Code. This property is referred to as an exempt asset. Your exempt assets are protected by state law from being distributed to your creditors. Examples of exempt assets include vehicles that are up to a certain value, equity in your home that is up to a certain value, and any tools that you might need in your trade. Exemptions are claimed on a Schedule C. If you do not claim your exemptions you will lose the option. If no one objects to the exemptions that you claim with a certain time, the assets may not be part of your bankruptcy proceedings.

The Bankruptcy Code allows states to choose their own exemptions. Colorado State Exemptions are listed in the Colorado Revised Statutes. One of the more significant and complex facets of your bankruptcy proceedings involves deciding which assets are exempt. If you fail to list all of your property that is eligible for exemption, or to claim any exemption properly, you might lose the right to claim the exemption. Thus it is essential to consult an attorney with any questions you might have.

If you live in Denver, Aurora, Arvada, Brighton, Broomfield, Commerce City, Englewood, Highlands Ranch, Lakewood, Lafayette, Littleton, Northglenn, Westminster, Wheat Ridge, or Golden, Colorado, and do have any questions please feel free to contact me.  Kevin D. Heupel,      Colorado Bankruptcy lawyer,   303-955-7570,     Colorado Bankruptcy Help Email, personal bankruptcy free-consultation form.