Hi.
Typically, if you had a clean record, the DA would reduce or drop the charge, but you would forfeit the knife, spend at least overnight in lockup, and the arrest would stay on your record. Denver police will sometimes stop people with knives clipped to their pockets, and if the cutting edge is a fraction of an inch over 3.5 you will be arrested. Mind you, this only applies to "concealed" knives (knife clipped to pocket and visible is considered "concealed"). What some Denverites do to legally carry a 4" folder is either clip it to their pocket with the handle on the outside, or clip it over their belt. This looks really stupid, and Denver is the only place I've ever seen it done.