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.
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