JEWELRY AND WATCHES
The Colorado Bankruptcy exemption for jewelry which includes articles of adornment and watches increased from $2,000 per debtor to $2,500 per debtor. This includes jewelry that you purchased or inherited. If you own the jewelry you must include it in the calculation. The value is what it would sell for at a second hand retailer because if the Chapter 7 Bankruptcy Trustee were to try to sell the property for the benefit of the creditors, the jewelry would likely be sold at auction. So the price at which a pawn shop might sell it for and not what they would give you for it if you were to pawn it or sell it to the pawn shop or a store that sells jewelry second hand.
CLOTHING
The Bankruptcy exemption for clothing increased from $1,500 per debtor to $2,000 per debtor. This includes clothing of your dependents. Used clothing generally does not have a great deal of value second hand. Think in terms of what it would sell for at a second hand clothing store, Good Will store, ARC Store or other second hand store. Clothing includes basic wearing apparel, coats shoes, etc. Expensive designer clothing or shoes may have significant value.
TOOLS OF THE TRADE
The Bankruptcy exemption for tools of the trade has changed in two ways. First, the exemption has been divided into two categories. The first category is tools of the trade kept and used by a debtor in his or her primary occupation. This exemption increased from $20,000 to $30,000. The new category is a lower exemption of $10,000 for tools of the trade kept and used by a debtor for other than his or her primary occupation. So for example, you have a part-time job doing lawn maintenance and have various lawn equipment used to do the job. The tools of the trade exemption for the part-time job would be limited to $10,000. Remember, the key is what would it sell for at a second hand retail store selling used equipment and not what it would cost to replace it new.
