What are bankruptcy exemptions in Colorado?

Question

Accepted Answer

Colorado   dramatically expanded   its homestead and other exemptions through HB22-1099 (effective April 7, 2022), making it among the more debtor-friendly states.    1. Opt-Out State — C.R.S. § 13-54-107   Colorado opted out. Debtors must use Colorado exemptions.    2. Homestead — C.R.S. § 38-41-201   -   $250,000   for general debtors (up from $75,000). -   $350,000   if debtor or spouse is   60+ or disabled   (up from $105,000).  Major increase reflecting Front Range real estate appreciation.    3. Motor Vehicle — C.R.S. § 13-54-102(1)(j)   -   $15,000   equity in motor vehicles (up from $7,500). -   $25,000   for   elderly (60+) or disabled   debtors (up from $12,500).    4. Wildcard — C.R.S. § 13-54-102(1)(p)   -   $4,000   in any personal property (introduced 2022).    5. Personal Property — C.R.S. § 13-54-102   -   Household goods, furniture, appliances  : $6,000 (up from $3,000). -   Jewelry  : $3,500. -   Watches  : $250. -   Pictures, books  : $2,500. -   Library and family heirlooms  : $3,000. -   Wearing apparel  : $2,000. -   Burial property  : 1 acre.    6. Tools of Trade — C.R.S. § 13-54-102(1)(i)   -   $60,000   for tools of trade actually used to make a living (substantially increased; previously $30,000).    7. Wages — C.R.S. § 13-54-104     80% of disposable wages   exempt — more protective than federal CCPA's 75%.    8. Retirement Accounts — C.R.S. § 13-54-102(1)(s)   -   ERISA plans, IRAs, Roth IRAs  : fully exempt.    9. Insurance   -   Life insurance proceeds   — C.R.S. § 13-54-102(1)(l): $250,000 cash value (up from $100,000). -   Annuities  : same protection.    10. Public Benefits — C.R.S. § 13-54-102(1)(o)   Social Security, unemployment, workers' comp, veterans', public assistance — fully exempt.    11. Personal Injury / Wrongful Death — C.R.S. § 13-54-102(1)(n)   Compensation for personal bodily injury — fully exempt.    12. Earned Income Tax Credit — C.R.S. § 13-54-102(1)(o)(VI)   Fully exempt.    13. Health Aids and Health Insurance — C.R.S. § 13-54-102(1)(g), (m)   Fully exempt.    14. Domicile Requirement     730-day rule   under 11 U.S.C. § 522(b)(3).    15. Federal § 522(p) Cap     $214,000   federal cap on homestead acquired within 1,215 days still applies — important limit despite Colorado's $250,000 state homestead.    16. Joint Filers   Generally may double exemptions when both spouses file.  This is legal information, not legal advice.