| Exemptions: In general, a debtor may claim
exemption of his homestead and non-exempt personal property from attachment or execution
of a judgment, or in a bankruptcy proceeding.
Every homestead in the state of Colorado occupied as a home by the owner thereof or his
family is generally exempt from execution and attachment arising from any debt, contract,
or civil obligation not exceeding the sum of $30,000.00 in actual cash value in excess of
any liens or encumbrances on the homesteaded property in existence at the time of any levy
of execution thereon. (C.R.S. 38-41-201.)
Personal property which may be exempt from levy and sale under writ of attachment or
writ of execution are itemized in C.R.S. 13-54-102. The value of property exempt
generally extends to the debtor and each dependent, and may include wearing apparel to the
extent of $750.00 in value; watches, jewelry, and articles of adornment to the extent of
$500.00 in value; library, family pictures, and school books to the extent of
$750.00 in value; burial sites; household goods to the extent of $1,500.00 in value;
provisions and fuel on hand for the use or consumption to the extent of $300.00 in
value; if the debtor engages, as his principal occupation, in agriculture or livestock or
poultry raising, livestock and poultry not exceeding in the aggregate a value of
$3,000.00, and horses, mules, wagons, carts, machinery, harness, implements, and tools not
exceeding in the aggregate a value of $2,000.00; pension, compensation, or allowance for
any purpose on account or arising out of the services of such person as a member of the
armed forces of the United States in time of war or armed conflict; stock in trade,
supplies, fixtures, maps, machines, tools, equipment, books, and business materials used
and kept for the purpose of carrying on any gainful occupation in the aggregate a value of
$1,500.00; one or more motor vehicles for the purpose of carrying on any gainful
occupation in the aggregate a value of $1,000.00; one motor vehicle kept and used by any
elderly or disabled debtor for the purpose of obtaining medical care for himself or his
elderly or disabled dependent in a value not to exceed $3,000.00; and professional library
in the value of $1,500.00. Other qualified exemptions may include certain
portion of the cash value of a life insurance policy, insurance proceeds from fire and
casualty loss or damages, recovery from personal injuries except for obligations incurred
for the treatment of such personal injuries, and retirement plan benefits. (C.R.S.
13-54-102.)
A creditor generally may not execute against monies that are set aside for child
support payments so long as the payments are deposited into a custodian account in a bank,
savings and loan, or credit union account if the account is for the sole benefit of the
child designated for child support payments, and if no moneys other than child support
payments made pursuant to a support order or interest earned on the moneys in the account
are deposited into the account. A child support payment is no longer exempt if the
recipient of the payment intermingles the payment with any other moneys. (C.R.S.
13-54-102.5.)
The exemptions provided in section 522 (d) of the federal bankruptcy code of 1978
(Title 11 of the United States Code), as amended, are denied to residents of the State of
Colorado.. Exemptions authorized to be claimed by residents of Colorado is
limited to those exemptions expressly provided by the Colorado Revised Statutes.
(C.R.S. 13-54-107.) |
