Yes. Within Limits.

To protect your business equipment, you must own it personally. The equipment cannot be owned by your LLC or Corporation.  An LLC and a Corporation are separate legal entities. What they own is not the same as what you own. For example,  to protect a vehicle used in a business, it  must be titled in your name and not the Corporation or LLC.  It is ok if you use it in the business but you must own it.  Questions of who paid for the vehicle or recent transfers may arise.

Under the new Colorado Exemption law, you can protect up to $60,000 in business equipment that you own  if it is used for your “primary gainful occupation”. $20,000 is protected if it is used in your “non primary gainful occupation” like a second job. So is you have regular job and you do lawn care on the side, you can protect up to $20,000 of the equipment if it is owned by you.

You should always consult with your attorney about your specific situation.

Recent Colorado Law changes now allows you to protect up too  $2,500 total  in your bank account or accounts regardless of the source of the funds when you file a Chapter 7 or Chapter 13 Bankruptcy.  This is a huge change in the law.  Previously,  money  needed to  be from certain sources  such as, wages, social security, disability, unemployment, earned income credit  to receive full or partial protection. So now, if you have $2,500 total  in your bank account  or accounts from a tax refund overpayment or a gift  or some other source it is now protected.

This is not as simple as it sounds and you should consult your bankruptcy attorney regarding  your situation to determining which funds are protected and which are not prior to filing a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy.

Yes, within limits!

Colorado law now allows you to protect in bankruptcy , your combined interest in firearms and hunting and fishing equipment held for personal, household or family use or for  your personal safety  and members of your household up to $1,000 in value.  This is a huge change for the Colorado Exemptions which have not previously provided any protection for guns unless you were in the military, national guard or used the gun for work like a police officer, guard, hunting guide etc.

New Homestead Exemption  legislation passed in March of 2022,  now includes motorhomes, campers and  trailers. It also significantly increases the protection of the equity in your motorhome, camper or trailer.

The Governor of Colorado  still needs to sign the legislation  into law.

The Homestead Exemption  has been increased  to protect $250,000 in equity for a person under 60 years of age.

If you are  60 years of age or older, the Homestead Exemption now protects up to $350,000 in home equity.

For a disabled person or a person that  has a disabled spouse or disabled dependent living in the motorhome, camper or trailer the Homestead Exemption now protects up to $350,000 in equity.

You only receive one Homestead Exemption for  your motorhome, camper or trailer even if you are filing bankruptcy with your spouse.

In most circumstances, you must be living in the motorhome, camper or trailer to claim the Homestead Exemption.

You must be a resident of Colorado for at least 2 years to use the Colorado Exemptions.

Colorado has a Homestead Law that protects a portion of  equity in  your home from the Bankruptcy Trustee and creditors.

New legislation passed in March of 2022,  will significantly increase the protection of the equity in your home.  The Governor of Colorado  still needs to sign the legislation  into law.

The Homestead Exemption  has been increased  to protect  $250,000 in equity for a person under 60 years of age.

If you are  60 years of age or older, the Homestead Exemption now protects up to $350,000 in home equity.

For a disabled person or a person that  has a disabled spouse or disabled dependent living in the home the Homestead Exemption  now protects up to $350,000 in home equity.

You only receive one Homestead Exemption for the home even if you are filing bankruptcy with your spouse.

In most circumstances, you must be living in the home to claim the Homestead Exemption.

In addition, Federal Law limits the protection to $170,000 if you have not owned your home for 1215 days which is about 41 months.

The Federal limit has been increased to $189,050 effective April 1, 2022.