As we all know, Denver’s population has exploded in recent years. Many people arrive here seeking a better life, but often have debts from the past that they do not want to follow them to their new home.
Bankruptcy law is a Federal law meaning it is available in any state. A few rules do apply to newcomers, though.
First, you must file in the state where you reside for the majority of the 180 days before filing. In essence, this means you must live in Colorado for 90 days. Many folks new to town will hire us IMMEDIATELY upon arrival so we can prepare the case and then file when the 90 days is up.
The second issue is exemptions. This means the property you can protect which does change from state to state. If you have not lived in Colorado for two years before filing you must use the exemptions from the state you lived in before coming here, or, possibly, the Federal exemptions apply in certain circumstances.
The rules as to which exemptions apply and what they protect can be quite complicated, but can be explained clearly by a competent bankruptcy attorney.
Give me, Peter Milwid, a call at 303-831-0733 if you are new to town, need help, and would like me to explain this to you in detail.
