Colorado Bankruptcy Exemptions
UPDATED: Sep 24, 2024
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Published Legal Expert
UPDATED: Sep 24, 2024
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
UPDATED: Sep 24, 2024
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
UPDATED: Sep 24, 2024
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Federal bankruptcy exemptions available? NO
The references to Colorado statutes are to the Colorado Revised Statutes.
Resources:
United States Bankruptcy Court, District of Colorado
| Colorado Bankruptcy Exemptions | ||
|---|---|---|
| Assets | Exemption | State Statute |
| Homestead | Property consisting of mobile home, house trailer, manufactured home that you occupy: up to $60,000 if the debtor owns and occupies the property; up to $90,000 if the debtor or debtor’s spouse or dependent is disabled or over 60. | 38-41-201; 38-41-201.5, 38-41-201.6 |
| Proceeds from the sale of a residence are exempt for a period of 2 years after they are received, if they are kept separate from other funds. | 38-41-203;38-41-207 | |
| Homestead exemptions are available to spouse and children of deceased owner. | 38-41-204 | |
| Insurance | Life insurance proceeds: all if there is a clause prohibiting use of proceeds to pay the creditors of the beneficiary. | 10-7-106 |
| Group life insurance policy/proceeds: all. | 10-7-205 | |
| Benefits from a fraternal benefit society: all. | 10-14-403 | |
| Disability benefits: up to $200 per month or all of a lump sum. | 10-16-212 | |
| Life insurance cash surrender: up to $50,000 value for contributions made more than 48 months before filing for bankruptcy. | 13-54-102(1)(l) | |
| Homeowner’s insurance proceeds: up to homestead exemption amount for 1 year after received. | 38-41-209 | |
| Miscellaneous | Property owned by business partnership: all. | 7-60-125 |
| Child support: all. | 13-54-102.5 | |
| Pensions | Federal pension exemptions. | |
| Veteran’s pensions (including spouse and dependents): all if veteran served in war or armed conflict. | 13-54-102(1)(h); 13-54-104 | |
| Benefits qualified under ERISA (IRAs and Roth IRAs): all | 13-54-102(1)(s) | |
| Public employee pensions and defined contribution plans: all. | 24-51-212 | |
| Firefighter and police officer pensions: all. | 31-30.5-208; 31-31-203 | |
| Personal Property | Clothing: up to $1,500. | 13-54-102(1)(a) |
| Jewelry and other items of adornment: up to $2,000. | 13-54-102(1)(b) | |
| Books and family pictures: up to $1,500. | 13-54-102(1)(c) | |
| Burial plot: 1 per family member. | 13-54-102(1)(d) | |
| Household goods: up to $3,000. | 13-54-102(1)(e) | |
| Fuel and food: up to $600. | 13-54-102(1)(f) | |
| Motor vehicle or bicycles used for work: up to $5,000; up to $10,000 if the debtor or a dependent who uses the vehicle is disabled or over 65. | 13-54-102(1)(j)(l), (ll) | |
| Proceeds from damaged exempt property: all. | 13-54-102(1)(m) | |
| Recoveries for personal injury: all. | 13-54-102(1)(n) | |
| Professionally prescribed health aids for the debtor or a dependent of the debtor | 13-54-102(1)(p) | |
| Security deposits: all. | 13-54-102(1)(r) | |
| Public Benefits | Worker’s compensation benefits: all. | 8-42-124 |
| Unemployment compensation: all. | 8-80-103 | |
| Veteran’s benefits (including spouse and dependents): all for veteran’s who served in war or armed conflict. | 13-54-102(1)(h) | |
| Earned income tax credits: all. | 13-54-102(1)(o) | |
| Crime victim compensation: all. | 13-54-102(1)(q); 24-4.1-114 | |
| Public assistance: all. | 26-2-131 | |
| Aid to disabled, blind, and aged: all. | 26-2-131 | |
| Tools of Your Trade | For persons involved in agriculture, livestock and other animals, machinery, tools, equipment, and seeds: up to $50,000 total. | 13-54-102(1)(g) |
| For members of the National Guard, military equipment: all. | 13-54-102(1)(h.5) | |
| For other businesses, stock in trade, fixtures, supplies, machinery, electronic equipment, other equipment, books, and other business materials: up to $20,000 total. | 13-54-102(1)(i) | |
| Professional’s library: up to $3,000 in total. | 13-54-102(1)(k) | |
| Wages | Wages: at least 75% of weekly earnings or up to 30 times the federal minimal wage, whichever is greater. This amount includes pensions and insurance benefits. | 13-54-104 |
| Wildcard | No exemption. | |
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Mary Martin
Published Legal Expert
Mary Martin has been a legal writer and editor for over 20 years, responsible for ensuring that content is straightforward, correct, and helpful for the consumer. In addition, she worked on writing monthly newsletter columns for media, lawyers, and consumers. Ms. Martin also has experience with internal staff and HR operations. Mary was employed for almost 30 years by the nationwide legal publi...
Published Legal Expert
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.