There are many people out there who need to declare bankruptcy because they need a fresh start financially. What many people don’t realize when they file through a bankruptcy attorney in Greeley Colorado, is that some property is exempt from having to be sold in order to pay back creditors. With these exemptions, many people can protect many of their assets and even property that they use on a daily basis, meaning that they don’t have to give up everything they own in order to get their bankruptcy discharged. While the best step when it comes to determining what exemptions you may qualify for is through talking to your bankruptcy attorney in Greeley Colorado, here is a list of some of the most common exemptions that many people qualify for.
Some of the most common, and most useful exemptions available to those filing for bankruptcy is for items that are used every day by those who have to file. This includes the home that is lived in by the debtor, up to $60,000 or $90,000 if the owner is elderly or disabled. Also included among the exemptions is personal property such as clothes, jewelry, one car, books and household goods. All of these items are exempt up to a monetary amount set forth by Colorado law that varies by each item. Finally, items used for work by a debtor, such as tools, electronics, equipment and other business supplies used by any debtor adding up to $20,000.
There are many other exemptions besides these examples and your bankruptcy attorney is the best one to determine how much you would qualify for. You may find that, in your case, you qualify for more exemptions than you thought, meaning more of your assets would be protected.