Colorado bankruptcy courts are there to handle various bankruptcy cases for the permanent residents of the state of Colorado. These courts are located in Denver, Grand Junction, and Pueblo. The way the exemptions have been interpreted under the Colorado bankruptcy laws differentiates them from the bankruptcy laws in other states.
Properties Exempted Under The Colorado Bankruptcy Laws
Following properties are exempted under the Colorado bankruptcy laws:
•Residential properties are exempted for up to thirty thousand dollars in total. The residential properties include real properties, mobile, and manufactured properties.
•If the person filing bankruptcy is the spouse or the child of the deceased owner of the residential properties, they can also claim for the homestead exemptions.
•If we talk individually, the mobile homes that you have used as a residence is also exemptible under the Colorado bankruptcy laws for up to the value of six thousand dollars.
•In terms of insurance properties, all types of disability funds are exemptible up to its full value. If the person declared as bankrupt is getting some kind of disability funds on a monthly basis, the exempted amount will be two hundred dollars per month.
•All types of life insurance proceeds, fraternal, and society benefits are exempted to its full value.
•If the debtor has opened a bank account for child support, the amount deposited – no matter how much it is – is exemptible.
•Pension funds are exempted for the following people:
◦Public Employees
◦Firefighters
◦Police officers
◦Veterans, and
◦Teachers
•Clothing also comes under exemptible properties but only up to the value of fifteen hundred dollars.
•The exempted amount for food and fuel is six hundred dollars, under Colorado bankruptcy laws.
•You can also exempt various kinds of household goods, but only up to a value of three thousand dollars in total.
•Jewelry properties for up to one thousand dollars and Family portraits, pictures and books up to fifteen hundred dollars, in total, are exempted under Colorado bankruptcy laws.
•The debtor declared bankrupt, can also exempt tools of trades up to 25000 dollars in total.