In Chapter 13, your creditors are entitled to at least as much as they would receive in a Chapter 7
asset liquidation. Consequently, if your debt is large enough so that you cannot pay all of it off during the course of your Chapter 13 plan, then the bankruptcy trustee
can sell the property in order to pay your unsecured creditors on the remaining debt obligation
. Were you living in the property, you would be able to exempt between $75,000-$175,000 in equity (see Cal. Code Civ. Proc. 703.730
-- scroll down). But, as you have rented the property, you cannot meet the residency requirement for the exemption, and consequently any equity in the property is "up for grabs" to pay your creditors.
If you are really at the "end of your rope," then you may want to consider selling the property and trying to find someplace that you can buy for cash in Colorado. That way you can use the homestead exemption. Note that if you have lived in Colorado for more than 730 days, then you will have to use the Colorado homestead exemption which is $60,000 ($120,000 if married). So, dependent upon your total circumstances, there may be no advantage to selling the property in California. You may be better off trying to create a 100% Chapter 13 plan, and use the bankruptcy to pay off your debts over time without being hassled any further.
You have some difficult choices to make here. Please let me know if my answer is helpful or if you need further assistance.