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.
|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)|
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.