Posts Tagged ‘Colorado bankruptcy exemptions’

Colorado Bankruptcy exemptions

Colorado bankruptcy exemptions do not have any specific provisions for wildcard exemptions. The state laws do not also allow you to use federal set of exemptions instead of the state-specific exemptions. However, you can use the federal supplemental exemptions. Following is a brief rundown on which types of properties are allowed to be exempted in Colorado and to what extent.


You can exempt either a maximum of 30 times the federal minimum wage or at least 75% of your weekly earnings, whichever is higher. Here, it is important to note that it includes insurance and pension benefits.

Tools Of Trade

The following Colorado bankruptcy exemptions are allowed in this category.

- A maximum of $3000 worth of professional library
- Books, electronic equipment, machinery, supplies, fixtures, stock in trade, and other business materials and equipment – a maximum aggregate value of $10000
- 100% exemptions are allowed on military equipment for members of the National Guard
- Up to a total value of $25,000 can be exempted for the tools of trade used by an individual involved in agriculture; it includes seeds, equipment, tools, machinery, animals, and livestock.

Public Benefits

Certain types of public benefits can be exempted in full, such as Public assistance, Crime victim compensation, Earned income tax credits, Unemployment compensation, and Worker’s compensation benefits. Besides that, Colorado bankruptcy exemptions also allow 100% exemptions for Veteran’s benefits for those veterans who served in armed conflicts or war. Aid to aged, blind, and disabled is also exemptible in full value.

Personal Property

Personal assets and properties are exemptible as per the following provisions.

- Security deposits – 100%
- Recoveries for personal injury – 100%
- Proceeds from damaged exempt property – 100%
- A maximum of $600 for Fuel and food
- A maximum of $3000 for Household goods
- Burial plot are exemptible to the extent of one per family member
- Books and family pictures can also be exempted for a maximum value of $1500
- up to $1,000 of exemptions are allowed for Jewelry and other items of adornment
- You can also keep necessary clothing, but it must not exceed $1,500 in value.
- If you use bicycles or Motor vehicle for work, you can get the same exempted up to $3,000. For those who are over 65 years of age or disabled can exempt motor vehicles or bicycles up to $6000.


The Colorado bankruptcy exemptions for pension benefits are as follows.

- police officer and Firefighter pensions – 100%
- defined contribution plans and Public employee pensions – 100%
- Teacher’s pensions – 100%
- Benefits qualified under ERISA (Roth IRAs and IRAs): 100%
- Federal pension exemptions
- Pensions received by those veterans who served in war or armed conflict are also exemptible in full.


Money received as part of a Child support order and Property owned by business partnership are also 100% safe when a person gets bankrupt under chapter in the state of Colorado.


- The maximum value that can be exempted for Homeowner’s insurance proceeds is limited by the maximum homestead exemption amount for twelve months after received.
- Life insurance cash surrender is also exemptible up to $50,000, but it applies to those contributions that you have made at least 4 years before filing a bankruptcy petition.
- Either all of a lump sum or a maximum of $200 per month can be exempted from Disability benefits
- 100% Colorado bankruptcy exemptions are allowed for the Benefits from a fraternal benefit society or Group life insurance policy (or proceeds).
- If there is a clause in the life insurance policy contract that prohibits the use of the policy proceeds to pay off debts, 100% exemptions are allowed for such Life insurance proceeds


- Colorado allows the children and spouse of a deceased owner to use the homestead exemptions
- The different types of properties that the homestead exemptions can be used for include any manufactured home, house trailer, or mobile homes that you occupy
- The maximum value that can be exempted in this category is $90,000 for those debtors who are over 60 years of age or disabled. For others, the maximum limit of Colorado bankruptcy exemptions for homestead properties is $60000.

Custom Search

Basic Things You Must Know About Bankruptcy Dismissal

When you file a petition for bankruptcy and the court rejects your petition on certain grounds, it is legally termed as bankruptcy dismissal. Dismissal means your case is officially closed and that the court will make no further rulings on your case. Some of the most common reasons why a petition is...

Credit Repair

Building Credit With No Credit

When it comes to building credit with no credit, there are several online canadian pharmacy factors that you need to take into account. Just because you do not have any credit history at present, it does not mean you will never have one. No one is born with a readymade credit history. You have to gi...

Credit Repair

A Loan To Defeat All Loans Debt Relief Loan
Payday loans fax-free payday loans and instant online payday loans are everywhere be it on the Internet newspapers or television. Today when the economy is in turmoil these loans look like the saving gra... Read more

Tips On How To Consolidate Payday Loan Debt
You may need to consolidate payday loan debt when you are caught in the middle of a financial crisis arising out of your inability to repay multiple loans. Debt consolidation loan allows you to consolidate all... Read more

Do Not Put Up With Debt Collectors Harassment
There was an emergency and the need arose to take a payday loan. It seemed to be the fastest and the best option available then. However now the debt collectors harassment is horrendous. The fact that using t... Read more

Consolidate Payday Advances To Save Yourself
Payday advances are loans taken against a persons paycheck. They have a way of digging into your paycheck month after month. They usually have exorbitant interest rates though the sites offering the services... Read more

Can I Consolidate Payday Loans
Can I consolidate payday loans is a question you are sure to ask yourself when faced with a trying financial situation. When payment of loans becomes difficult it is possible to consolidate and replace many... Read more

What are the pros and cons of debt consolidation?