If my husband and I file a Chapter 7 jointly, are we allowed a double property exemption?
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If my husband and I file a Chapter 7 jointly, are we allowed a double property exemption?
Such as $6000 instead of $3000 for cars. In CO.
Asked on May 31, 2011 under Bankruptcy Law, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
In general, couples filing for bankruptcy jointly are allowed twice as much exempt property value. It makes sense, doesn't it, since it is the property of two individuals instead of one. Some pieces of property, such as a home may have a specific amount as an allowable exemption value regardless of whether it is a couple filing or an individual. So a set amount would be exempt. Please also note that Colorado is one of the states that does not allow you to use the federal bankruptcy exemptions so you are limited to the state exemptions. You should discuss the matter in depth with a bankruptcy attorney in your area. Good luck to you.
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