Bankruptcy and Judgments: What are the State Exemptions for Colorado?
If a creditor wins a judgment against you, they can force you to sell your belongings. The following list is a general list of items you can keep if you are a resident of Colorado. If an item is listed as “exempt” with no dollar value next to it, that means a judgment creditor cannot attach or garnish that item, no matter how much it is worth. An important fact to note in Colorado is that if you claim bankruptcy, you are not entitled to federal exemptions. You must choose the state exemptions.
- Homestead: $60,000 ($90,000 if you are elderly or disabled)
- Clothing: up to $1,500
- Watches and Jewelry: $2,500
- Books: $1,500
- Burial site: Exempt
- Household goods: $3,000
- Fuel and food: $600
- Farm and ranching equipment/livestock/fowl: $50,000
- Military wages and equipment: exempt–some exceptions, like child support payments due
- Trade equipment and stock/inventory: $20,000
- Car or bicycle: $5,000 ($10,000 if elderly or disabled)
- Life insurance cash value: $50,000
- Death benefits: exempt
- Insurance proceeds from fire or other disaster: exempt
- Personal Injury or victim of crime proceeds: exempt
- Income tax refund: exempt
- Health aids: exempt
- IRA/pensions/Social security: exempt
- Child/support/alimony: exempt
- Disability income: exempt to $3,000. After that: subject to garnishment
- Bank account: bank accounts are not exempt in any way. If a creditor wins a judgment, they can (and will) freeze your bank account and empty it. See this article on How to Avoid Bank Account Garnishments
Related posts:
- Bankruptcy and Judgments: What are the State Exemptions for Wisconsin?
- Bankruptcy and Judgments: What are the State Exemptions for Washington?
- Bankruptcy and Judgments: What are the State Exemptions for Wyoming?
- Judgments: What are the State Exemptions for West Virginia?
- Bankruptcy and Judgments: What are the State Exemptions for Texas?
