Can I Keep My Home If I File Bankruptcy in Colorado?

Colorado homeowners are entitled to one of two homestead exemptions. If a homeowner, or a member of the homeowner’s family, occupies the home as a primary residence then the homeowner is entitled to a $60,000 exemption in bankruptcy. If however, an elderly or disabled homeowner lives in the home or the homeowner allows an elderly or disabled spouse or dependent to live in the home than the amount of the exemption goes up to $90,000.
Homeowners who continue to make monthly mortgage payments in full and on time are usually allowed to keep their home in a bankruptcy proceeding if they do not have much more equity in the property than that which is allowed by the Colorado homestead exemption.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

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