CO exemptions - what can be doubled?

[asmithfamily]

Does anyone know if the doubling, which I think is permitted in Colorado when filing jointly, applies to the automobile exception as well?

I read that the exception just got increased to $5000, and our car is worth maybe $7000. I'm hoping that we have actually $10,000 to cover it.

[lrprn]

asmith, I moved your post to its own thread to get it off the old thread you posted to originally. You'll get better answers this way

Does anyone know if the doubling, which I think is permitted in Colorado when filing jointly, applies to the automobile exception as well?

The August 2007 updated CO exemptions state that "Bicycles and motor vehicles that are used to travel to work up to $3,000 (up to $6,000 if used by elderly or disabled debtor or dependent)" - http://www.thebankruptcysite.org/exe.../colorado.html

I read that the exception just got increased to $5000, and our car is worth maybe $7000. I'm hoping that we have actually $10,000 to cover it.

Don't know where you read about the increase - did a quick Google search for "Colorado bankruptcy exemptions" and keep finding $3000 as the Colorado auto exemption on every online source.

Also none of the sources I found mention doubling the auto exemption if a couple files together. And Colorado does not have a wild card exemption that can be used for anything - sorry. It looks like you get $3000 to protect your car - that's it

[tay666]

I read that the exception just got increased to $5000, and our car is worth maybe $7000. I'm hoping that we have actually $10,000 to cover it.

The bigger question is if you owe anything on the car?
You only have to exempt the equity.
So if your car is worth $7000
And you still owe $4000 on it.
Then you only need t exempt $3000.

So, do you own the car free and clear, or is their a loan attached to it?

[asmithfamily]

Thanks for the replies!

The car is free and clear, so the $7000 is all equity.

The new exemption level went into effect 10/1/07, and there is a link in another thread on this forum. I looked at the actual legal code, so I think it is real.

Here's a link to the new bankruptcy exemptions in Colorado -

http://www.state.co.us/gov_dir/leg_d...07a/sl_226.htm

I'm mostly trying to figure out if all exemptions get doubled if we are filing jointly in Colorado, it makes senses that the personal property gets doubled, but I am wondering about the car, and to a lesser extent the house (which is now up to $60k).

[Jer]

My BK attorney has told me several times now that the exemption in Colorado for a vehicle is $6,000 so I assume he knows what he's talking about?

[BKParalegal]

Then your BK Attorney has told you several times wrong. It is $5k per person, $10k per couple and it is stackable. Meaning you can use all the exemption on 1 car.

Good Luck

[Jer]

What do you mean $5k per person, $10k per person? Was that supposed to be $10k per couple if filing jointly?

[BKParalegal]

Yes I meant couple, it has been edited.

[ChaseSucks]

Does anyone know if the doubling, which I think is permitted in Colorado when filing jointly, applies to the automobile exception as well?

I read that the exception just got increased to $5000, and our car is worth maybe $7000. I'm hoping that we have actually $10,000 to cover it.

Better be sure, it is usually on your house only.

[BKParalegal]

It is both house and car

[ssdsco]

Then your BK Attorney has told you several times wrong. It is $5k per person, $10k per couple and it is stackable. Meaning you can use all the exemption on 1 car.

Good Luck

Is it stackable if the car is in one spouse's name only ? What if there's two cars with equity and both are in the same spouses name ?

Thanks