I live in Colorado. Is it true if all exemptions aren't listed you loose them and should exemption 42 407 be listed for my Social Security Disability

Asked 10/20/2009 under Bankruptcy | 242 View(s) | More Legal Topics

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Bankruptcy Law Answers

In order to claim an exemption, a debtor must provide a list of exempt property. Failure to timely list exemptions may result in a loss of the exemptions and would require the debtor to file a motion with the Court for permission to file the exemption list.  Social Security should be listed as exempt property. 

Note:  Exemptions may also be lost by a debtor by incorrectly characterizing the property as exempt and receiving an objection from the trustee or a creditor, or from other actions of the debtor.

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