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Can I protect money in my bank account if I file Bankruptcy Chapter 7 or Chapter 13 Bankruptcy?

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Recent Colorado Law changes now allows you to protect up too  $2,500 total  in your bank account or accounts regardless of the source of the funds when you file a Chapter 7 or Chapter 13 Bankruptcy.  This is a huge change in the law.  Previously,  money  needed to  be from certain sources  such as, wages, social security, disability, unemployment, earned income credit  to receive full or partial protection. So now, if you have $2,500 total  in your bank account  or accounts from a tax refund overpayment or a gift  or some other source it is now protected.

This is not as simple as it sounds and you should consult your bankruptcy attorney regarding  your situation to determining which funds are protected and which are not prior to filing a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy.

April 13, 2022/by Howard Goodman
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