Bankruptcy is intended to give debtors a fresh start. An exemption is a right granted to a debtor to protect certain types or items of property from seizure in satisfaction of dept. Neither creditors nor the trustee can take exempt property as part of their collection efforts. There are several exemptions which our bankruptcy attorneys will assist you in identifying and valuing.
In order to claim a state's exemptions, you have to pass the residency requirements. Congress passed residency requirements for filers to meet in order to prevent people from moving to states with liberal exemptions just to file for bankruptcy. Accordingly, if you made Colorado your home for at least two years, you can file here and use our state's exemptions. If you have lived in Colorado for at least 91 days, and the majority of your assets are in Colorado, it may be possible for you to enjoy the Colorado's jurisdiction as well. Our bankruptcy attorneys can help you determine the best location for your bankruptcy filing, as well as how to take advantage of all exemptions applicable to your case. |
