Colorado Bankruptcy Exemptions 2021
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Written by Upsolve Team.
Updated January 16, 2021
It's important to understand what the exemptions for Colorado are and how they're most often used in a bankruptcy case.
How Do Exemptions Work?
When you file for Chapter 7 bankruptcy, one of the biggest questions is whether or not you will be able to keep your property.
That depends on which property exemptions you can use on your bankruptcy forms. They are called exemptions because they “exempt” -- or “excuse” -- certain property from being taken. In most cases, exemptions protect most day-to-day items that you own, unless you have expensive property like a house or a car.
Certain exemptions protect entire categories of property like retirements accounts, regardless of value. Other exemptions only protect specific property like a vehicle up to a certain value.
If you're looking for a deep understanding of bankruptcy exemptions, read this article.
Does Colorado allow federal exemptions?
Colorado does not recognize the federal exemptions.
Every state has its own set of property exemptions. And some states also allow you choose between their exemptions and a set of federal bankruptcy exemptions. When they do, they will generally let you to choose the system that is the best fit for you. Although some states allow you to use the federal bankruptcy exemptions, others do not.
Colorado Exemptions
11 U.S.C. § 522(b)(3)(C)
Most people use 11 U.S.C. § 522(b)(3)(C) to cover tax exempt retirement accounts. For single debtors filing, it has no coverage limit.
5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2)
Most people use 5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2) to cover thrift savings plan. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 13-54-102 (j)(I); Colo. Rev. Stat. § 13-54-102 (j)(II)
Most people use Colo. Rev. Stat. § 13-54-102 (j)(I); Colo. Rev. Stat. § 13-54-102 (j)(II) to cover motor vehicle (one vehicle). For single debtors filing, it has a coverage limit of $7,500. This exemption has a limit to the number of assets it can cover.
Colo. Rev. Stat. § 13-54-102 (1)(e); Colo. Rev. Stat. § 13-54-101(4)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(e); Colo. Rev. Stat. § 13-54-101(4) to cover household goods and furnishings, appliances. For single debtors filing, it has a coverage limit of $3,000.
Colo. Rev. Stat. § 13-54-102 (1)(c)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(c) to cover books, antiques, art, collectibles. For single debtors filing, it has a coverage limit of $2,000.
Colo. Rev. Stat. § 13-54-102 (1)(a)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(a) to cover wearing apparel. For single debtors filing, it has a coverage limit of $2,000.
Colo. Rev. Stat. § 13-54-102 (1)(b)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(b) to cover jewelry, adornments. For single debtors filing, it has a coverage limit of $2,500.
Colo. Rev. Stat. § 13-54-102 (1)(p)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(p) to cover health aids. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 13-54-102 (1)(f)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(f) to cover food and fuel. For single debtors filing, it has a coverage limit of $600.
Colo. Rev. Stat. § 24-51-212; Colo. Rev. Stat. § 24-52-102(4)
Most people use Colo. Rev. Stat. § 24-51-212; Colo. Rev. Stat. § 24-52-102(4) to cover public employees pensions. For single debtors filing, it has no coverage limit. This exemption has a limit to the number of assets it can cover.
Colo. Rev. Stat. § 13-54-102 (1)(s)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(s) to cover erisa (employee retirement account). For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 31-30.5-208; Colo. Rev. Stat. § 31-31-203
Most people use Colo. Rev. Stat. § 31-30.5-208; Colo. Rev. Stat. § 31-31-203 to cover police pensions. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 13-54-102 (1)(s)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(s) to cover ira & rotha ira. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 31-30.5-208; Colo. Rev. Stat. § 31-31-203
Most people use Colo. Rev. Stat. § 31-30.5-208; Colo. Rev. Stat. § 31-31-203 to cover firefighters pensions. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 13-54-102 (1)(r); Colo. Rev. Stat. § 38-12-102
Most people use Colo. Rev. Stat. § 13-54-102 (1)(r); Colo. Rev. Stat. § 38-12-102 to cover security deposits. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 13-54-102.5; Colo. Rev. Stat. § 13-54-102 (u)
Most people use Colo. Rev. Stat. § 13-54-102.5; Colo. Rev. Stat. § 13-54-102 (u) to cover alimony and child support kept separate from other assets. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 13-54-102 (1)(o)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(o) to cover earned income tax credit or child credit. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 13-54-104
Most people use Colo. Rev. Stat. § 13-54-104 to cover wages - greater of min 75% weekly or 30 times federal or state min wage. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 13-54-102 (v)
Most people use Colo. Rev. Stat. § 13-54-102 (v) to cover disability benefits. For single debtors filing, it has a coverage limit of $4,000.
Colo. Rev. Stat. § 26-2-131
Most people use Colo. Rev. Stat. § 26-2-131 to cover public assistance. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 24-4.1-114; Colo. Rev. Stat. § 13-54-102 (1)(q)
Most people use Colo. Rev. Stat. § 24-4.1-114; Colo. Rev. Stat. § 13-54-102 (1)(q) to cover crime victims' compensation. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 8-80-103
Most people use Colo. Rev. Stat. § 8-80-103 to cover unemployment compensation. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 13-54-102 (1)(h)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(h) to cover veterans' benefit. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. §10-14-403
Most people use Colo. Rev. Stat. §10-14-403 to cover fraternal benefit. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 8-42-124
Most people use Colo. Rev. Stat. § 8-42-124 to cover workers compensation. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 13-54-102 (1)(n)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(n) to cover personal injury settlement. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 13-54-102 (1)(m)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(m) to cover damaged property proceeds. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 10-16-212
Most people use Colo. Rev. Stat. § 10-16-212 to cover accident insurance - to $200 per month. For single debtors filing, it has a coverage limit of $200.
Colo. Rev. Stat. § 13-54-102 (1)(l)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(l) to cover life insurance (cash surrender). For single debtors filing, it has a coverage limit of $100,000.
Colo. Rev. Stat. §10-7-205
Most people use Colo. Rev. Stat. §10-7-205 to cover life insurance (group). For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 38-41-209
Most people use Colo. Rev. Stat. § 38-41-209 to cover homeowners' insurance proceeds - to homestead amount. For single debtors filing, it has no coverage limit.
Colo. Rev. Stat. § 13-54-102 (1)(i)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(i) to cover office equipment, furnishings, and supplies, tools of trade, stock in trade. For single debtors filing, it has a coverage limit of $30,000.
Colo. Rev. Stat. § 13-54-102 (1)(k)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(k) to cover professional's library (if not claimed under tools of trade exemption). For single debtors filing, it has a coverage limit of $3,000.
Colo. Rev. Stat. § 13-54-102 (1)(g)
Most people use Colo. Rev. Stat. § 13-54-102 (1)(g) to cover animals, livestock, crops, farming equipment, agricultural supplies. For single debtors filing, it has a coverage limit of $1,000.
