Colorado, CO Bankruptcy Exemptions

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Colorado, CO Bankruptcy Exemptions

FEDERAL BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE
All law references are to Colorado Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Colorado Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Real property up to $45,000. Property must be occupied at time petition is filed.	38-41-201
	Spouse or child of deceased owner may claim homestead exemption	38-41-204
INSURANCE	Disability benefits to $200 per month; if receive lump sum, entire amount exempt	10-16-212
	Fraternal benefit society benefits	10-14-403
	Group life insurance policy or proceeds	10-7-205
	Homeowners’ insurance proceeds for 1 year after received, to homestead exemption amount	38-41-209
	Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors	10-7-106
	Life insurance cash surrender value up to $50,000. Contributions made within the past 48 months will be excluded	13-54-102
MISC.	Child support	13-54-102.5
MISC.	Property of business partnership	7-60-125
PENSIONS	ERISA-qualified benefits, including IRA's and Roth IRAs.	13-54-102
	Firefighters	31-30.5-208
	Police officers	31-30.5-208
	Public employees' defined contribution plans as of 2006 and pensions.	24-51-212
	Public employees' deferred compensation.	24-52-105
	Teachers	22-64-120
	Tax exempt retirement accounts. Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	1 burial plot per person	13-54-102(1)(d)
	Clothing to $1500	13-54-102(1)(a)
	Food and Fuel to $600	13-54-102(1)(f)
	Health aids	13-54-102(1)(p)
	Household goods to $3,000 total	13-54-102(1)(e)
	Jewelry and articles of adornment to $1000 total	13-54-102(1)(b)
	Motor vehicles used for work to $3,000 ; to $6,000 to get medical care, if elderly or disabled	13-54-102(j)(I), (II)
	Personal injury recoveries, unless debt related to injury	13-54-102(1)(n)
	Pictures and books to $1500	13-54-102(1)(c)
	Proceeds for damaged exempt property	13-54-102(1)(m)
	Security deposit	13-54-102(1)(r)
PUBLIC BENEFITS	Aid to blind, aged, disabled, AFDC	26-2-131
	Crime victims’ compensation	13-54-102(1)(q), 24-4.1-114
	Unemployment compensation	8-80-103
	Veterans’ benefits for veteran, spouse or child if veteran served in war	13-54-102(1)(h)
	Workers’ compensation	8-42-124
	Earned income tax credit	13-54-102
TOOLS OF TRADE	Tractors, farm implements, trucks used in agriculture, harvesting equipment, seed, and agricultural machinery and tools to $25,000. National Guard members' personal military equipment.	13-54-102 (1)(g)
	Library of professional to $3,000 or stock in trade, supplies, fixtures, machines, tools, maps, equipment, books and business materials to $10,000 total	13-54-102 (1)(i), (k)
	Livestock and poultry of farmer	13-54-102 (1)(g)
WAGES	Either minimum 75% of earned but unpaid wages, and pension payments or 30 times the federal minimum wage. The greater of the two amounts will be used.	13-54-104
WILDCARD	NONE

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