Q: In Colorado,can we be forced to sell our home if there's a judgement lien from Credit Card debt ($22,000) on the home?
It's our primary residence and my husband (age 64) is the sole owner/mortgage holder.
A:
Can a creditor foreclose on your home to satisfy a Lien? Yes. But, you will have an opportunity to prevent the foreclosure and it is seldom financially feasible to foreclose to collect on a debt that small.
Have you considered BK to eliminate the debt?
A: You may be able to avoid this lien in a bankruptcy. Since your husband is over 60, the home is entitled to a $105,000 homestead exemption. If your equity does not exceed this amount, a bankruptcy would allow you to keep the home and lose the lien. There may be other factors involved, so check with an experienced bankruptcy attorney.
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