Bankruptcy Exemptions in Colorado
What property you can keep in bankruptcy in Colorado: homestead, vehicle, wildcard and retirement exemptions, and whether you can choose the federal exemptions.
Short answer: Colorado filers must use Colorado's exemptions. The federal 522(d) exemptions "are denied to residents of this state," and exemptions are limited to those expressly provided by Colorado statutes. C.R.S. 13-54-107
| State or federal exemptions | Colorado filers must use Colorado's exemptions. The federal 522(d) exemptions "are denied to residents of this state," and exemptions are limited to those expressly provided by Colorado statutes. Source: C.R.S. 13-54-107 |
|---|---|
| Homestead exemption | $250,000 in equity if the home is occupied by the owner or the owner's family; $350,000 if occupied by an owner, spouse or dependent who is elderly (60 or older) or disabled. No acreage limit is stated. Source: C.R.S. 38-41-201(1)-(2) |
| Car exemption | Up to two motor vehicles or bicycles, $15,000 in aggregate value; $25,000 if used by a debtor, spouse or dependent who is elderly or disabled. Does not cover snowmobiles, ATVs, golf carts, boats, travel trailers or motor homes. Source: C.R.S. 13-54-102(1)(j) |
| Wildcard exemption | None. Colorado's exemption list (C.R.S. 13-54-102) covers specific property types; it has no general exemption for property of the filer's choosing. Source: C.R.S. 13-54-102(1) |
| Retirement accounts | Property and funds held in or payable from any pension or retirement plan, deferred compensation plan and health savings account are exempt, including ERISA plans, IRAs, Roth IRAs and 26 U.S.C. 401 plans. Retirement benefits remain reachable for certain child support and restitution judgments (13-54-102(3)). Source: C.R.S. 13-54-102(1)(s) |
| Wages | For most debts, no more than the lesser of 20% of weekly disposable earnings or the amount above 40 times the federal (or, if higher, state or local) minimum hourly wage can be garnished, so at least 80% is protected. Source: C.R.S. 13-54-104(2)(a)(I) |
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FAQ
Can you use the federal bankruptcy exemptions in Colorado?
Colorado filers must use Colorado's exemptions. The federal 522(d) exemptions "are denied to residents of this state," and exemptions are limited to those expressly provided by Colorado statutes.
How much home equity is protected in bankruptcy in Colorado?
$250,000 in equity if the home is occupied by the owner or the owner's family; $350,000 if occupied by an owner, spouse or dependent who is elderly (60 or older) or disabled.
Can I keep my car in bankruptcy in Colorado?
Up to two motor vehicles or bicycles, $15,000 in aggregate value; $25,000 if used by a debtor, spouse or dependent who is elderly or disabled. Does not cover snowmobiles, ATVs, golf carts, boats, travel trailers or motor homes.
Does Colorado have a wildcard exemption?
None. Colorado's exemption list (C.R.S. 13-54-102) covers specific property types; it has no general exemption for property of the filer's choosing.
Are retirement accounts protected in bankruptcy in Colorado?
Property and funds held in or payable from any pension or retirement plan, deferred compensation plan and health savings account are exempt, including ERISA plans, IRAs, Roth IRAs and 26 U.S.C. 401 plans.
Are wages protected in bankruptcy in Colorado?
For most debts, no more than the lesser of 20% of weekly disposable earnings or the amount above 40 times the federal (or, if higher, state or local) minimum hourly wage can be garnished, so at least 80% is protected.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.