Colorado Bankruptcy Exemptions
The chart below contains a summary of Colorado state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Colorado bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.
Personal exemptions allowed by Colorado Bankruptcy Laws
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
| ASSET | EXEMPTION | LAW |
|---|---|---|
| Colorado Homestead | Real property, mobile home, manufactured home, or house trailer occupied by debtor to $60,000; $90,000 if the owner, spouse, or dependent is disabled or at least 60 years old. Sale proceeds are exempt for 2 years after received. | 38-41-201; 38-41-201.6; 38-41-203; 38-41-207 |
| A spouse or child of a deceased owner may claim homestead exemption. | 38-41-204 | |
| Wages | Minimum 75% of weekly net earnings or 30 times the Federal or state minimum wage (whichever is greater, including pension and insurance payments) | 13-54-104 |
| Automobile | Up to $5,000 if used for work; $10,000 if the debtor or debtor’s dependent is disabled or 60 years old or older (includes bicycles) | 13-54-102(j)(l)(ll) |
| Other property | Group life insurance policy or proceeds | 10-7-205 |
| Child support or domestic support obligation | 13-54-102(u); 13-54-102.5 | |
| Clothing to $1,500 | 13-54-102(1)(a) | |
| Household goods to $3,000 | 13-54-102(1)(e) | |
| One burial plot per family member | 13-54-102(1)(d)) | |
| Stock in trade, supplies, fixtures, tools, machines, electronics, equipment, books, and other business materials to $20,000 total | 13-54-102(1)(i) | |
| Wildcard | None |
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Colorado bankruptcy court statutes.
Back to all State Bankruptcy Exemptions
Go to Complete State of Colorado bankruptcy exemptions laws.
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