In Colorado, the means test determines the income limitations for Chapter 7 bankruptcy filings. To file, your income must be lower than the median income for a household of the same size in the state.

Yes, you can keep your house and car after filing Chapter 7 in Colorado if the value of each asset doesn’t exceed the threshold protected amount

The Homestead Exemption and Consumer Debt Protection Act increased the equity you can protect in your home – up to $250,000 or 350,000 if you are over 60 or live with a disability.

For cars, the protected amount is $15,000 per vehicle or $25,000 if you are over 60 or live with a disability. However, you can still lose your car if you have fallen behind on payments.

Not all debts are eligible for Chapter 7 bankruptcy relief. Certain debts such as child support, alimony, taxes, student loans, or debts resulting from intentional harm or a DUI cannot be discharged. Furthermore, any debts you didn’t list in your bankruptcy filing will not be discharged.