Running Your Business
BizFilings provides useful information to help you manage and grow your business.
Filed under Running A Business.
These assets are exempted from a state court or bankruptcy proceeding in Colorado.
Homestead: Real property, mobile home or manufactured home you occupy up to $60,000 in equity. Sale proceeds exempt 2 years after received.
Pensions and Retirement Benefits: ERISA-qualified benefits. Funds exempt for firefighters, police officers, public employees, teachers and veterans. IRA exemptions for conventional, Roth, SEP and SIMPLE plans. Roth IRAs and regular IRAs up to $1,095,000 per person.
Insurance: Disability proceeds to $200 per month; if received as a lump sum, entire amount. Fraternal society benefits. Life insurance avails to $100,000. Group life insurance proceeds or policy. Homeowner's insurance proceeds for 1 year after received, to homestead exemption amount. Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary's creditors.
Personal Property: Clothing up to $1,500. One burial plot per person. Food and fuel up to $600. Health aids. Household goods up to $3,000. Jewelry and articles of adornment up to $2,000 total. Vehicles up to $5,000; $10,000 if elderly or disabled. Personal injury recoveries, unless debt related to injury. Books, pictures, collectible, CDs or art up to $1,500. Proceeds for damaged exempt property. Security deposit.
Tools of Trade: Supplies, fixtures, machines, tools, maps, equipment and books needed for work up to $20,000; professional library up to $3,000; Agricultural equipment, livestock and poultry of farmer up to $50,000.
Miscellaneous: Business partnership property.
Wages: Minimum of 75% of earned but unpaid wages, pension payments; bankruptcy judge may authorize more for low-income debtors.
Public Benefits: Unemployment compensation. Workers' Compensation. Aid to blind, aged, disabled. AFDC (Aid to Families with Dependent Children). Crime victim's compensation. Veteran's benefits for veteran, spouse or child if veteran served in war.
Wild Card: None