The following is a list of the most common exemptions allowed under the Colorado bankruptcy code. Please keep in mind that valuation in Bankruptcy is not retail value. Similar to the means test, this is not something you should try to do on your own. In our first meeting we will go over these exemptions with you and determine what is the true liquidation value.
$60,000 equity in your home or sale proceeds if sold within the two years prior to bankruptcy and sale proceeds held separately (per famiy);
$90,000 – if elderly (60 or older) or disabled (per family)
$3000 – household goods;
$1500 – personal books, family photos;
$1500 – wearing apparel;
$2000 – jewelery, watches;
$25,000 – cash surrender value of life insurance policies;
$1,000,000 – IRA, 401k, or pension plans;
$5000 – equity in motor vehicles, bicycles;
$10,000 – if elderly (60 or older) or disabled;
$20,000 – things you need for your job (tools, books, etc…);
$50,000 – farm machinery, tools, livestock (per family);
As stated, these are the most common exemptions. 90% of our clients are covered by this list. If you have questions about additional exemptions, please call us at 970 686-2000.