Every state has it’s own rules of bankruptcy. Some give you the option of choosing to conform to federal regulations instead of the state’s – one or the other.
Colorado law only allows state bankruptcy exemptions. They include real estate, up to a certain value, which increases if you are married, 60 years of age, or over, or disabled You may also keep any profits from the sale of an asset, after a 2 year period of time has passed. Other valuables such as jewelry, personal items, and tools that you use in your job, are also included on the list of Colorado exemptions, all with dollar limits. There may be others, depending on your particular situation. Your Elbert County bankruptcy attorney.will be able to advise you.
Since you are restricted to the bankruptcy exemptions of Colorado, you may be able to claim federal nonbankruptcy exemptions. Be sure to ask your Elbert County bankruptcy attorney about this possibility. Call Parker Lawyers today: 303-841-9525.