Colorado Bankruptcy Exemptions

Federal Exemptions Not Allowed

In the state of Colorado, you can not use the federal exemptions found in the United States Bankruptcy code so you must use the exemptions provided under Colorado Bankruptcy statutes.

The information below defines the exemptions that can be claimed in the state of Colorado. These exemptions are outlined in your bankruptcy petition filed at the time you initiate bankruptcy. Certain exemption limitations may exist if you have not resided in Colorado for the two prior years to filing bankruptcy. It is important to discuss bankruptcy exemptions with a Colorado bankruptcy attorney.

The goal of allowing exempt property and personal assets was to allow an individual to keep enough assets to start over after bankruptcy. In order to claim an exemption, you must own an interest in the property. Unsecured creditors can not claim property that is considered exempt. Unfortunately, not all of your assets are covered with a matching exemption.


Type of Exemption Exemption Amount Statute

Real property up to $60,000; if a dependent, spouse, or owner is over 60 years of age and disabled, $90,000. The proceeds of a sale are exempt after 2 years have passed since they were received.

  Spouse or child of deceased owner can also qualify for homestead exemption. 38-41-204
Personal Property Bicycles and motor vehicles that are used to travel to work up to $5,000 (up to $10,000 if used by elderly or disabled debtor or dependent); clothing to $1,500; health aids; household goods to $3,000; food and fuel up to $600; 1 burial site per person; jewelry and articles of adornment up to $2,000; family pictures and books to $1,500; security deposits; proceeds for damaged exempt property; personal injury recoveries. 13-54-102


Either minimum 75% of earned but unpaid wages, insurance, and pension payments or 30 times the federal minimum wage. The greater of the two amounts will be used.

Pensions Tax exempt retirement accounts. Traditional and Roth IRAs up to $1,095,000 per person 11 U.S.C. § 522
  ERISA-qualified benefits, including IRA's and Roth IRAs. Veteran's pension if veteran served in armed conflict or war. 13-54-102
  Teachers 22-64-120
  Public employees' defined contribution plans as of 2006 and pensions 24-51-212
  Public employees' deferred compensation. 24-52-105
  Police officers and firefighters. 31-30.5-208
Public Benefits Workers' compensation 8-42-124
  Unemployment compensation 8-80-103
  Veterans' benefits for veteran, spouse or child if veteran served in war. Crime victims' compensation. Earned income tax credit. Disability benefits up to $3,000. 13-54-102
  Aid to blind, aged and disabled as well as other public assistance 26-2-131

Tools of Trade

Stock in trade, supplies, fixtures, maps, machines, tools, electronics, equipment, books, and business materials to $20,000; library of a professional to $3,000; livestock or other animals, tractors, farm implements, trucks used in agriculture, harvesting equipment, seed, and agricultural machinery and tools to $50,000. National Guard members' personal military equipment. 13-54-102
Alimony and Child Support Child support 13-54-102.5


Life insurance proceeds if policy prohibits use to pay creditors 10-7-106
  Group life insurance policy or proceeds. 10-7-205
  Fraternal benefit society benefits 10-14-403

Disability benefits up to $200 per month. Entire amount is exempt if it was received in one lump sum.

  Life insurance cash surrender value up to $50,000. Contributions made within the past 48 months will be excluded 13-54-102
  Homeowners' insurance proceeds for 1 year after received, up to homestead amount 38-41-209


Business partnership property 7-60-125
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