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2015-07-01 Effective Date of Amendments to Colorado Bankruptcy Exemptions

posted Jun 9, 2015, 3:20 PM by Robin Hunt   [ updated Jun 19, 2015, 11:10 AM by Robin Hunt ]
Senate Bill 15-283, which passed both state houses and was signed into law by Governor Hickenlooper on June 5, 2015, becomes effective July 1, 2015. The law amends the exemptions applicable to Colorado bankruptcy cases filed on or after July 1, 2015.

For property that a judgment debtor may claim as exempt from levy and sale, the bill:
  • Increases the dollar value of certain properties;
  • Adds crops and dairy products to agricultural assets;
  • Provides that the exemption for motor vehicles does not
  • apply to certain recreational vehicles;
  • Establishes a lesser exemption for business property if the
  • business activity is not the debtor's primary occupation; and
  • Clarifies the calculation of the nonexempt portion of the
  • cash surrender value of life insurance policies.
The bill clarifies definitions of "earnings" to include payments made to independent contractors for labor or services. The bill changes the procedure for service of a notice of exemption and pending levy in
certain garnishment proceedings.

For a summary of the increases in dollar value of exemptions for certain types of property, see Colorado Bankruptcy Exemptions at a Glance.

Robin Hunt,
Jun 9, 2015, 3:20 PM