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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33796
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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Can a persons home and property in Colorado be taken away

Customer Question

Can a persons home and property in Colorado be taken away from them to satisfy a debt? i.e. a law suit.
Submitted: 11 months ago.
Category: Legal
Expert:  Barrister replied 11 months ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes and ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Home---potentially if there is over $60,000 in equity in the home. There is an exemption from unsecured creditors for $60K in a homestead, $90K if disabled or over 60 years old. So if you have a house worth $200K and owe $140K on it, it is exempt.

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Personal property---

A debtor may exempt the following personal property:

  • up to $3,000 in household goods
  • up to $1,500 in clothing
  • up to $2,000 in jewelry
  • up to $1,500 in books and family pictures
  • professionally prescribed health aids
  • personal injury recoveries (but not those incurred for treatment of your injuries)
  • compensation for damaged property if the underlying property would have been exempt
  • up to $600 in food and fuel, and
  • an aggregate value of $50,000 for livestock and too

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thanks

Barrister

Customer: replied 11 months ago.
If you owe a house worth$200,000 and owe $140,000, it's exempt. So, logically speaking if my husband, who is 82 years old, own a house with me valued at $500,000, but we owe $400,000, than we would be exempt.
Expert:  Barrister replied 11 months ago.

Essentially yes, technically only 90K, but for all intents and purposes, they aren't going to go after something where it it that close.

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thanks

Barrister