COLORADO BANKRUPTCY LAW
Colorado Bankruptcy: Attorneys, Statistics, Exemptions and Courts.
Colorado Bankruptcy Statistics: In Colorado, in 2009, 28,304 bankruptcies were filed. Business bankruptcies accounted for 1,421 or 5.02% and personal bankruptcies accounted for 26,883 or 94.98% of the total filings.
Colorado State Bankruptcy Exemptions
The home (“homestead”) exemption is limited to $60,000 if the debtor owns or occupies the property; and, up to $90,000 if the debtor, debtor’s spouse, or debtor’s dependent is over 60 years old or is disabled. Colorado defines “homestead” to include real property, mobile homes, manufactured homes and house trailers. The deceased homeowner’s spouse and children may also take a homestead exemption. In addition, proceeds from the sale of a residence are exempt for two years if they are not commingled with other funds.
The following expenses or items are exempt in their entirety in Colorado:
The following expenses or items are exempt up to a specified limit in Colorado:
The following individuals’ and their survivors’ pension benefits are exempt when filing for bankruptcy in Colorado:
The following pension types are exempt or partially exempt when filing for bankruptcy in Colorado:
The following insurance types are entirely or partially exempt when filing for bankruptcy in Colorado:
The following public benefits are exempt when filing for bankruptcy in Colorado:
Tools of the trade
This is a separate exemption. The following items have been considered tools of the trade in the state of Colorado:
In Colorado, the greater of 75% or more of weekly earnings, or thirty times the federal minimum wage, including pensions and insurance benefits is exempt.
Miscellaneous: Property owned by a business partnership.
Federal Exemptions: No, debtors are not allowed to take federal exemptions when filing for bankruptcy in Colorado.
Colorado Bankruptcy Court: