Judgment Execution and Bankruptcy in Colorado
Your Colorado debt settlement attorney can and will advise you regarding the court judgment exemptions in the state Colorado. Your attorney will tell you there are some things the creditor cannot “take” by way of execution of a judgment. There is an extensive list of these items in the Colorado state statutes. By enactment of laws exempting certain property from court judgment execution the State Legislature is trying to assure that a judgment debtor cannot be made completely destitute.
Moreover, the United States Federal Bankruptcy Code provides exemptions as to what can be taken from the debtor. The idea for these exemptions is the same as that regarding the exemption of certain items from execution under a court judgment.
The following is list of property exempted under the Bankruptcy
provisions of the state of Colorado:
PROPERTY
Real property, mobile home, manufactured home, or house trailer you occupy up to $45,000
(sales proceeds exempt 1 year after received, spouse or child of deceased owner may claim
exemption)
Automobiles or bicycles used for work to $3,000; to $6,000 if used by disabled debtor or
dependent of such debtor
Household goods to $3,000
One burial plot per family member
Health aids
Food and fuel to $600
Jewelry to $1,000
Personal injury recoveries
Family pictures and books to $1,500
Proceeds for damaged exempt property
Security deposits
INSURANCE
Homeowner’s insurance proceeds for 1 year after received, to homestead exemption amount
Group life insurance policy or proceeds
Life insurance cash surrender value to $50,000, except contributions to policy within past 48
months
Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s
creditors
Disability benefits to $200 per month, if receive lump sum, entire amount exempt
Fraternal society benefits
MISCELLANEOUS
Child support
Property in business partnership
PENSIONS
ERISA qualified benefits, including IRAs and Roth IRAs
Veteran’s pension for veteran, spouse, or dependents if veteran served in war or armed conflict
Peace officers and firefighters
Private retirement benefits, including IRAs and Keoghs
Public employees deferred compensation and pensions and defined contribution plans as of
2006
PUBLIC BENEFITS
Aid to blind, aged, disabled, AFDC
Unemployment benefits
Veteran’s benefits for veteran, spouse, dependents if veteran served in war or armed conflict
Workers’ compensation
TOOLS OF TRADE
Livestock or other animals, machinery, tools, equipment, and seed of person engaged in
agriculture up to $25,000
Professional library to $3,000
Stock in trade, supplies, fixtures, tools, machines, electronics, equipment, books and other
business materials to $10,000
Military equipment personally owned by members of National Guard
Bankruptcy Courts:
U.S. Bankruptcy Court
721 19th Street
Denver, CA 80202-2508
(720) 904-7300
Get more information about debt relief and debt help in Colorado:
a. Debt Settlement And Debt Relief Laws In Colorado
c. Judgment Execution And Bankruptcy
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