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.
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.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.