Yes!

On March 7, 2022 a new Colorado law expanded the definition of dwelling to  include tiny homes, railway cars, shipping or cargo containers or sheds and even yurts. Dwellings qualify for the Colorado Homestead Exemption. The amount of the Homestead Exemption was also increased in the same legislation.

The Homestead Exemption  has  been increased  to protect $250,000 in equity for a person under 60 years of age.

If you are  60 years of age or older, the Homestead Exemption now protects up to $350,000 in home equity.

For a disabled person or a person that  has a disabled spouse or disabled dependent living in the dwelling,  the Homestead Exemption now protects up to $350,000 in equity.

You only receive one Homestead Exemption for  your dwelling even if you are filing bankruptcy with your spouse.

In most circumstances, you must be living in the dwelling to claim the Homestead Exemption.

You must be a resident of Colorado for at least 2 years to use the Colorado Exemptions.

In addition, Federal Law limits the protection to $170,000 if you have not owned your dwelling for 1215 days which is about 41 months.

You should always speak to an attorney regarding your specific situation before you decide to file for bankruptcy.

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.

The Colorado law protecting equity in motor vehicles when filing bankruptcy changed on April 7, 2022. If you are under 60 years of age, you can now protect a total of  $15,000 in equity in  one or two motor vehicles or bicycles. If you are 60 years of age or older or disabled you can now protect a total of  $25,000 in equity in  two motor vehicles or bicycles.  In a joint filing  a husband and  wife  can each claim the exemption.

If you are living out of your vehicle, you may be able to claim the Colorado Homestead Exemption to protect it.

Yes, within limits!

Colorado law now allows you to protect in bankruptcy , your combined interest in firearms and hunting and fishing equipment held for personal, household or family use or for  your personal safety  and members of your household up to $1,000 in value.  This is a huge change for the Colorado Exemptions which have not previously provided any protection for guns unless you were in the military, national guard or used the gun for work like a police officer, guard, hunting guide etc.

The new Colorado Exemption legislation has now been signed into law. It significantly increase and expands protection of assets  for people filing Chapter 7 and Chapter 13 bankruptcy.

New Homestead Exemption  legislation passed in March of 2022,  now includes motorhomes, campers and  trailers. It also significantly increases the protection of the equity in your motorhome, camper or trailer.

The Governor of Colorado  still needs to sign the legislation  into law.

The Homestead Exemption  has been increased  to protect $250,000 in equity for a person under 60 years of age.

If you are  60 years of age or older, the Homestead Exemption now protects up to $350,000 in home equity.

For a disabled person or a person that  has a disabled spouse or disabled dependent living in the motorhome, camper or trailer the Homestead Exemption now protects up to $350,000 in equity.

You only receive one Homestead Exemption for  your motorhome, camper or trailer even if you are filing bankruptcy with your spouse.

In most circumstances, you must be living in the motorhome, camper or trailer to claim the Homestead Exemption.

You must be a resident of Colorado for at least 2 years to use the Colorado Exemptions.

The filing of a Chapter 7 bankruptcy can temporarily stop eviction. The Chapter 7 Bankruptcy must be filed  prior to the Court Order for eviction. It is not a permanent  solution. It may give you time to negotiate with your landlord or seek financial assistance. Filing Chapter 7 may also eliminate debt  that you are paying on and free up money for your rent. You are still required to pay rent if you want to stay in your residence  after you file the Chapter 7 Bankruptcy. If you want to stay, you may need to assume the lease as part of the Chapter 7 Bankruptcy.

If you can work out a new deal in writing with your landlord prior to filing bankruptcy you may be able to assume the new  deal as part of the bankruptcy. You would then be responsible for paying rent under the new deal.

Colorado has a Homestead Law that protects a portion of  equity in  your home from the Bankruptcy Trustee and creditors.

New legislation passed in March of 2022,  will significantly increase the protection of the equity in your home.  The Governor of Colorado  still needs to sign the legislation  into law.

The Homestead Exemption  has been increased  to protect  $250,000 in equity for a person under 60 years of age.

If you are  60 years of age or older, the Homestead Exemption now protects up to $350,000 in home equity.

For a disabled person or a person that  has a disabled spouse or disabled dependent living in the home the Homestead Exemption  now protects up to $350,000 in home equity.

You only receive one Homestead Exemption for the home even if you are filing bankruptcy with your spouse.

In most circumstances, you must be living in the home to claim the Homestead Exemption.

In addition, Federal Law limits the protection to $170,000 if you have not owned your home for 1215 days which is about 41 months.

The Federal limit has been increased to $189,050 effective April 1, 2022.

On April 1, 2022 the median income changed for each state. In Colorado the median income increased to $72,952 for a household of  1 person. It increased to $92,321 for a household of 2 people, $100,744 for a household of 3 people and $120,898 for a household of four people. For each person over 4 people  you get to add $9,900.

This should make it easier to qualify to file Chapter 7 or a syear Chapter 13 instead of a 5 year Chapter 13

What are some of the documents needed for  filing Chapter 7 Bankruptcy  or Chapter 13 Bankruptcy?

You will need a current Driver’s License  or  other current government issued picture ID.

You will need a  signed Social Security Card so the Bankruptcy Trustee can verify the Social Security Number on the Bankruptcy Petition is correct.

Your Most recently filed Federal Tax Return and State Tax Return.

If you are employed, you will need pay stubs for the six months prior to filing bankruptcy.

If you are self-employed you need to provide  proof  of income for the past 6 months. For example, statement from   Uber, Lyft, Door Dash etc.

Your most recent bank statements and other financial statements.

Statements, letters and  notices from your creditors.

Your recent statements for utilities, cell phones, internet, cable etc.

Your credit report is also very helpful.