Edwards, CO asked in Bankruptcy for Colorado

Q: Can I keep my home in Colorado if I declare bankruptcy?

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1 Lawyer Answer
Ryan M. Wood
Ryan M. Wood
  • Licensed in Colorado

A: That depends on several things, including where you are filing bankruptcy, if you live in the property, and how much equity you have in your home. The Colorado homestead exemption is defined in Colorado Revised Statutes § 38-41-201, and it protects up to $60,000 equity in real estate used as your primary residence (the exemption is raised to $90,000 if you are 60 or older or are disabled). If you would hypothetically receive more than $60,000 from the sale of your home (after deducting mortgages and closing costs), your home could be vulnerable in Chapter 7 bankruptcy. You should consult with a bankruptcy attorney to determine if you are eligible to claim this exemption.

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