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If I have a business that is having some hard times and I personally

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If I have a business that is having some hard times and I personally signed for most of the equipment what happens if they had to take the equipment back? And the only thing that really worries me is I don't want to loose my home over this business.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 6 years ago.
If they repossess the equipment, you could be held responsible for the difference in what you owe and what the property is re-sold for - called a deficiency judgment.

In Colorado, you have a homestead exemption of up to $45,000 in value. Colorado Revised Statutes Annotated, §38-41-201.

The exemption does not mean that you cannot lose your home to creditors or that a lien cannot be placed on the home. If a unsecured creditor sues you and obtains a judgment (this would be your current issue), the creditor can enroll the judgment as a lien on your property. However, to the extent that you have a homestead exemption, the creditor cannot execute on the homestead and take the home.

Essentially, the homestead exemption should keep your house safe from this creditor.
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 27246
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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