Colorado Bankruptcy Laws - Personal Property

Colorado Revised Statutes provide for the following personal items to be retained when filing Chapter 7 or Chapter 13 with Colorado Bankruptcy courts:

• 1 burial plot per person - 13-54-102(1)(d)
• Clothing to $750 - 13-54 - 102(1)(a)
• Food and Fuel to $300 - 13-54-102(1)(f)
• Health aids - 13-54-102(1)(p)
• Household goods to $1,500 total - 13-54-102(1)(e)
• Jewelry and articles of adornment to $500 total - 13-54-102(1)(b)
• Motor vehicles used for work to $1,000, to $3,000 for medical care if elderly or disabled - 13-54-102(j)(I), (II)
• Personal injury recoveries unless debt related to injury - 13-54-102(1)(n)
• Pictures and books to $750 total - 13-54-102(1)(c)
• Proceeds for damaged exempt property - 13-54-102(1)(m)
• Security deposit - 13-54-102(1)(r)

Operation of Colorado bankruptcy laws with the Code

Pursuant to 11 U.S.C. 522(a)(2), "value'' means the fair market value as of the date of the filing of the petition or, with respect to property that becomes property of the estate after filing, the date property becomes property of the estate. Also, 11 U.S.C. 522(e) - non-enforceability of waivers - provides a waiver of an exemption executed in favor of a creditor that holds an unsecured claim against the debtor is unenforceable in a case under this title with respect to such claim against property that the debtor may exempt . . . and a waiver by the debtor of a power . . . to avoid a transfer . . . of exempt property . . . or to recover property or to preserve a transfer, is unenforceable in a case under this title."

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