Littleton, CO asked in Bankruptcy and Consumer Law for Colorado

Q: have 65k in CC debt, have 112k in reverse mort debt. wife and I live on 54k yearly. Home is valued at 400k.options?

What is max amt on value of home - don't want my home touched.

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1 Lawyer Answer
Timothy Canty
Timothy Canty
  • Bankruptcy Lawyer
  • Evergreen, CO
  • Licensed in Colorado

A: The Colorado homestead exemption is $75,000, or if you are over 60 years old or disabled, $105,000. You must have a been a Colorado resident for at least 2 years in order to use Colorado exemptions. Any equity over those amounts must be turned over to the trustee to pay creditors. This will usually mean selling the home unless you you can find an alternate means of paying the trustee. You could avoid this result by filing a Chapter 13 and paying the excess over 5 years. This is just a general outline and there are many variables. Talk to an experienced bankruptcy lawyer.

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