Colorado law requires the use of state, rather than federal, bankruptcy exemptions. Some of the major exemptions under Colorado law are listed below. However, the amounts listed may be higher if filing bankruptcy as a married couple. Please consult a bankruptcy attorney for more information on filing bankruptcy and declaring exemptions in Colorado.

Homestead (equity in dwelling used as residence)

  • Up to $60,000 in property , up to $90,000 in property if elderly or disabled
  • In the alternative, house coach (up to $3,500) or mobile home (up to $6,000) 

Equity in Automobile

  • Up to $7,500 in up to two motor vehicles (or bicycles)
  • $12,500 if debtor is elderly/disabled

Personal property

  • Up to $3,000 in household goods
  • Up to $2,000 in clothing
  • Up to $2,500 in jewelry
  • Up to $2,000 in a library, family pictures, and school books
  • Up to $600 in fuel
  • Professionally prescribed health aids
  • Individual or family burial sites, including mausoleum spaces 

Wages

  • 75% of unpaid earnings
  • Earned income tax refunds

Tools of the trade

  • Up to $30,000 in trade implements
  • A professional library up to $3,000
  • Livestock and agricultural materials up to $50,000

Insurance

  • Life insurance 
  • Cash surrender value of life insurance
  • Fraternal society benefits
  • Homeowner’s insurance up to homestead exemption amount

Pensions and Retirement

  • IRAs and other retirement plans exempted by Internal Revenue Code  
  • Public employee, firefighter, and police retirement benefits
  • Federal employee retirement benefits

Public benefits

Child Support

  • Child support if kept separate from other assets for the benefit of the child

Other

  • Personal injury recovery

Do I Need a Bankruptcy Lawyer?

Due to the complicated nature of bankruptcy, it is a good idea to speak with a bankruptcy attorney before you file. Incomplete or inaccurate filings may result in seizure of exempt property, or in other financial losses. Therefore, it is important to consult with someone who is more familiar with local laws and the filing process.