Continuing from 5 Facts to Know about Colorado Bankruptcy Exemptions (Pt. 1), here are some more crucial things that people should know when it comes to taking advantage of bankruptcy exemptions in order to protect as much of their assets as possible.
Fact 3: Jointly filing for bankruptcy can double some Colorado bankruptcy exemptions.
Jointly filing for bankruptcy means that spouses are filing for bankruptcy together. When this happens, they may be able to double the amounts of some of the Colorado bankruptcy exemptions. For example, while couples filing for bankruptcy jointly cannot double the homestead exemption, they can legally double the motor vehicle exemption, which means that they can protect up to:
- $10,000 in equity in their vehicles
- $20,000 in equity in their vehicles if they are disabled, they are elderly and/or they have a spouse/dependent who is disabled or older than 60 years old.
There are a number of other exemptions that may be able to be doubled for couples filing jointly; therefore, it’s crucial that such couples work closely with an experienced bankruptcy attorney to ensure they are benefiting from the maximum possible exemptions for which they qualify.
Fact 4: Intangible assets can also be protected by Colorado bankruptcy exemptions.
While people may not necessarily think of intangible property like, for instance, insurance or pension benefits as assets, these can be extremely valuable assets, and some of them may be protected by Colorado bankruptcy exemptions. In fact, some benefits may be completely exempt from inclusion in the bankruptcy estate, with some of the most common examples of these being:
- Unemployment benefits
- Workers’ compensation benefits
- Veterans’ benefits.
Insurance benefits, as well as pension and retirement benefits, are also exempt up to specific values (with the nature of these benefits stipulating the maximum possible exemptions for them).
Fact 5: You will have the best chances of fully benefiting from Colorado bankruptcy exemptions when you work with Attorney Jon B. Clarke.
The bottom line is that the rules regarding Colorado bankruptcy exemptions can be detailed and complicated, and they may be updated at any point. In order to ensure that you are fully taking advantage of the possible protections offered by these bankruptcy exemptions, it’s critical that you work with a trusted bankruptcy attorney like Jon B. Clarke.
Colorado Bankruptcy Lawyers at the Law Office of Jon B. Clarke, P.C.
If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients resolve even the most complex bankruptcy cases for both individuals and businesses alike. Our experienced legal professionals are committed to providing each of our Clients with the personalized debt relief assistance they need, and we will work tirelessly to ensure that our Clients’ cases are resolved as favorably and efficiently as possible.
For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950 or email us some details about your situation by clicking here.