Contact Bob Today

Colorado Springs Bankruptcy ABC’s: “A” is for “Automobiles”

As a Colorado Springs Bankruptcy Attorney, I often get questions on various aspects of bankruptcy law and practice. In my next twenty six blog posts, starting with this one, I’m going to use the letters of the alphabet to discuss different issues that come up from time to time in my practice.  By the time I get to “X”, I think I’m going to have to be pretty creative to find the right thing to write about.

For today we begin with “A” for “Automobiles”.

Oftentimes the most pressing concern for potential clients is whether they will be able to keep their automobile(s) if the file for bankruptcy. Usually, the answer is “Yes.”  That’s because, under the laws applicable to people filing for bankruptcy in Colorado Springs, usually the State of Colorado’s exemptions will apply.

What are exemptions?  They are the things which you are allowed to keep even though you’re filing for bankruptcy.  Keep in mind that one of the main ideas behind the Bankruptcy Code is the idea that people who are being crushed by financial burdens should be given an opportunity for a “fresh start”.

In places like Colorado Springs, where the public transportation is only slightly better than nonexistent, the vast majority of people need to be able to drive a car to get to work.  If their cars were taken away to pay their debts, they wouldn’t be able to get to work and their hopes for a fresh start would go up in smoke.

Under the Colorado exemptions, single filers get an automobile exemption of $5,000.00. Couples who file a joint case get automobile exemptions up to $10,000.00.  It should be noted that these exemption amounts refer to the amount of equity in the automobiles that the filer has.  And, each person can have more than one automobile – as long as the combined amount of equity is no more than the amount of the applicable exemption.

What if you don’t live in Colorado?  Or if you haven’t lived here for at least two years?  Then your bankruptcy attorney should conduct an analysis to determine what state’s exemptions will apply for you or, if no one state will cover you, then the federal exemptions will apply.  Each situation  is determined on a case-by-case basis since each person’s circumstances are unique.

So, if you are thinking about filing for bankruptcy and are concerned about losing your automobile in the process, seek the advice of a competent bankruptcy attorney – you’ll probably be able to keep it.

See how some other non-Colorado Springs Bankruptcy Attorneys have written about the letter “A”:  Bankruptcy ABC’s


21 Responses to Colorado Springs Bankruptcy ABC’s: “A” is for “Automobiles”
  1. Arrest You For Not Paying A Bill
    December 2, 2011 | 10:18 am

    […] A is for Automobiles […]

    • Bob
      December 2, 2011 | 10:39 am

      Thanks Bill
      Scary Stuff

  2. […] Colorado Springs Bankruptcy ABC’s:  ”A” is for “Automobiles” by Bob Doig, Colorado Springs, CO […]

  3. […] Colorado Springs Bankruptcy Lawyer Bob Doig […]

  4. […] A is for Automobiles […]

  5. […] A is for Automobiles […]

  6. […] A is for Automobiles […]

  7. A is for Assets |
    December 11, 2011 | 7:54 pm

    […] Nebraska Bankruptcy Attorney, Ryan D. Caldwell Connecticut Bankruptcy Lawyer William E. Carter Colorado Springs Bankruptcy Lawyer Bob Doig Ormond Beach Bankruptcy Attorney, Lewis Roberts Cleveland Area Bankruptcy Attorney Bill Balena […]

  8. […] Assets Assets Assume Assumption Assumption Assumptions Attorney Automatic Stay Automatic Stay Automobiles […]

  9. […] Assets Assets Assume Assumption Assumption Assumptions Attorney Automatic Stay Automatic Stay Automobiles […]

  10. […] Assumptions or Assumption. A is for Attorney. A is for Automatic Stay or Automatic Stay. A is for Automobiles. A is for Avoidance. A is for Arrest. A is for Alimony. A is for […]

  11. Car Wreck Attorney Atlanta
    January 2, 2012 | 10:21 am

    Great stuff. The blog is really a good resource.

  12. […] Automobiles: Colorado Springs Bankruptcy Lawyer Bob Doig […]

  13. […] Automobiles – Colorado Springs Bankruptcy Lawyer Bob Doig    […]

  14. […] Automatic Stay,  as does Peter Behrmann and William E. Carter; Bob Doig invests his blog time on Automobiles, Dorota Trzeciecka on Amendments, Shawn Wright on […]

  15. […] A is for Automobiles […]

  16. […] Automobiles- Colorado Springs Bankruptcy Lawyer Bob Doig […]

  17. […] Automobiles […]

  18. […] Automobiles – Colorado Springs Bankruptcy Lawyer Bob Doig – […]

  19. Allowance from Chapter 13 Trustee
    October 6, 2012 | 4:44 am

    […] Colorado Springs Bankruptcy Lawyer Bob Doig […]

Leave a Reply

Wanting to leave an <em>phasis on your comment?

Trackback URL
If you need help, please don't wait for things to just get worse.
Call me at 719 227-8787 or just fill in the form.
I'll get back to you right away.
  • Your personal information will remain secure. We won't share your info with anyone. Ever. is provided as a public service by Bob Doig, a bankruptcy lawyer in Colorado Springs, Colorado. If you want to discuss a specific issue, ask a question, or even complain about something, please don't hesitate to contact me:

Bob Doig
Robert J. Doig, Attorney at Law
2985 Broadmoor Valley Road
Colorado Springs, CO 80906
719 227-8787 Office
719 325-8355 Fax
Robert James Doig LLC is a BBB Accredited Business. Click for the BBB Business Review of this Attorneys - Bankruptcy in Colorado Springs CO