CALL NOW FOR HELP (303) 751-8141
Denver Bankruptcy Attorney - Denver Bankruptcy Lawyer
  • Home
  • Attorney Profile
  • Chapter 7
  • Chapter 13
  • FAQ
  • Contact Us
  • Blog
  • Menu

EXEMPTION INCREASES FOR COLORADO BANKRUPTCY

blog
Bankruptcy in Denver

JEWELRY AND WATCHES

The Colorado Bankruptcy exemption for jewelry which includes articles of adornment and watches increased from $2,000 per debtor to $2,500 per debtor. This includes jewelry that you purchased or inherited. If you own the jewelry you must include it in the calculation. The value is what it would sell for at a second hand retailer because if the Chapter 7 Bankruptcy Trustee were to try to sell the property for the benefit of the creditors, the jewelry would likely be sold at auction. So the price at which a pawn shop might sell it for and not what they would give you for it if you were to pawn it or sell it to the pawn shop or a store that sells jewelry second hand.

CLOTHING

The Bankruptcy exemption for clothing increased from $1,500 per debtor to $2,000 per debtor. This includes clothing of your dependents. Used clothing generally does not have a great deal of value second hand. Think in terms of what it would sell for at a second hand clothing store, Good Will store, ARC Store or other second hand store. Clothing includes basic wearing apparel, coats shoes, etc. Expensive designer clothing or shoes may have significant value.

TOOLS OF THE TRADE

The Bankruptcy exemption for tools of the trade has changed in two ways. First, the exemption has been divided into two categories. The first category is tools of the trade kept and used by a debtor in his or her primary occupation. This exemption increased from $20,000 to $30,000. The new category is a lower exemption of $10,000 for tools of the trade kept and used by a debtor for other than his or her primary occupation. So for example, you have a part-time job doing lawn maintenance and have various lawn equipment used to do the job. The tools of the trade exemption for the part-time job would be limited to $10,000. Remember, the key is what would it sell for at a second hand retail store selling used equipment and not what it would cost to replace it new.

April 16, 2020/by Mar
Tags: BANKRUPTCY
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on Google+
  • Share on Pinterest
  • Share on Reddit
https://www.howardgoodmanlaw.com/wp-content/uploads/2020/04/iStock-482858718.jpg 684 845 Mar https://www.howardgoodmanlaw.com/wp-content/uploads/2020/04/howard-s-goodman-logo.fw_-3.png Mar2020-04-16 06:09:572020-04-16 06:10:18EXEMPTION INCREASES FOR COLORADO BANKRUPTCY
You might also like
Benefits of Filing for Bankruptcy IS BANKRUPTCY THE RIGHT OPTION FOR YOUR FINANCES?

Search Blog

Latest News

  • Chapter 7 Bankruptcy4 STEPS TO REBUILDING YOUR CREDITApril 16, 2020 - 6:53 am
  • THE DIFFERENCES BETWEEN CHAPTER 7 AND CHAPTER 11 BANKRUPTCY IN COLORADOApril 16, 2020 - 6:51 am
  • Benefits of Filing for BankruptcyIS BANKRUPTCY THE RIGHT OPTION FOR YOUR FINANCES?April 16, 2020 - 6:49 am
  • Denver Bankruptcy LawyerPERSONAL INCOME TAX AND BANKRUPTCY IN DENVER, COApril 16, 2020 - 6:44 am
  • 5 REASONS MEDICAL BILLS LEAD TO BANKRUPTCY IN DENVER5 REASONS MEDICAL BILLS LEAD TO BANKRUPTCY IN DENVER, COApril 16, 2020 - 6:37 am
  • COLORADO BANKRUPTCY ASSET PROTECTION LAWS CHANGECOLORADO BANKRUPTCY ASSET PROTECTION LAWS CHANGE ON JULY 1, 2015April 16, 2020 - 6:34 am
  • DISABILITY BENEFITSCOLORADO ASSET PROTECTION CHANGES PART TWOApril 16, 2020 - 6:27 am
  • Bankruptcy in DenverEXEMPTION INCREASES FOR COLORADO BANKRUPTCYApril 16, 2020 - 6:09 am
Link to: Contact Attorney
Link to: Contact Attorney

Free Attorney Consultation

I understand that deciding whether to file bankruptcy is a difficult decision. I have been helping people make that decision for over 25 years. I offer a free consultation to help you with your decision.

Link to: Contact Attorney

Southeast Denver and Aurora Office

7535 E Hampden Ave #501
Denver CO 80231

Downtown Denver

1624 Market St #202
Denver CO 80202

  Parker Office

11479 S Pine Dr
Parker CO 80134

© 2020 Howard S. Goodman, Attorney at Law. Denver Bankruptcy Attorney

All Rights Reserved • Sitemap

powered by linkhelpers

DISABILITY BENEFITS COLORADO ASSET PROTECTION CHANGES PART TWO
Scroll to top

This is a notification that can be used for cookie consent or other important news. It also got a modal window now! Click "learn more" to see it!

OKLearn More

Cookie and Privacy Settings

How we use cookies

We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.

Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.

Essential Website Cookies

These cookies are strictly necessary to provide you with services available through our website and to use some of its features.

Because these cookies are strictly necessary to deliver the website, you cannot refuse them without impacting how our site functions. You can block or delete them by changing your browser settings and force blocking all cookies on this website.

Other external services

We also use different external services like Google Webfonts, Google Maps and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.

Google Webfont Settings:

Google Map Settings:

Vimeo and Youtube video embeds:

Privacy Policy

You can read about our cookies and privacy settings in detail on our Privacy Policy Page.