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What Property Can You Keep?

You can keep all of your property that the law says is “exempt”. Here are some of Colorado’s exemptions:


·        $60,000 in equity in your house (or $90,000 if you, your spouse or your dependent is at least 60 years of age or disabled);

·        $5,000 in equity in your motor vehicles (or $10,000 if you, your spouse or your dependent is at least 60 years of age or disabled);

·        Your government-qualified retirement accounts;

·        Your social security or unemployment benefits;

·        Your Veteran’s benefits, public assistance, and pensions--regardless of the amount.


Your clothing ($1,500), jewelry ($2,000), household goods ($3,000), tools of your trade ($20,000) and other items are also exempt under Colorado law.  In determining whether property is exempt, you must keep a few things in mind. The value of property is not the amount you paid for it, it is what it is worth now.  Especially for furniture and cars, this may be a lot less than what you paid or what it would cost to buy a replacement.

Another important consideration is that you only need to look at your equity in the property. This means that you count your exemptions against the value minus any money that you owe on mortgages or liens. For example, if you own a house valued at $150,000 with a $140,000 mortgage, you count your exemptions against the $10,000 which would be your equity if you were to sell it.

While your exemptions allow you to keep property, your exemptions do not make any difference to the rights of a mortgage lender or car lender or other secured creditor to take the property to cover the debt if you fail to make your payments. In most cases you will still have to pay the mortgages or liens the same as you would if you didn’t file bankruptcy.

If you have any questions about what property you own is exempt, please feel free to call me at 719 227-8787 or send a fax or e-mail to me as set forth below:

I welcome your questions and will be happy to provide you with a free initial consultation.  Just give me a call or send a fax or e-mail:

Robert J. Doig
Attorney at Law

2985 Broadmoor Valley Road, Suite 4
Colorado Springs, CO 80906
719 227-8787  Office
719 325-8355  Fax

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.