Can I Keep My House If I File for Bankruptcy We'll Guide You Through Every Step

Can I Keep My House If I File for Bankruptcy?

When you file for bankruptcy a trustee is appointed and it is the trustee’s job is to seize any non-exempt assets that you have, sell those assets off, and use that money to pay your creditors. With regard to your house, the main question is: is my house exempt (meaning that the trustee cannot take it) or is my house not exempt (meaning that the trustee can seize it, sell it, and use the money to pay my creditors)? What the answer comes down to is the amount of equity that you have in the house. In Colorado, as in most states, there is something called a homestead exemption. That means that if you live in a house, you are entitled to up to a certain amount of equity that cannot be seized by your creditors or by the trustee in a bankruptcy.

In Fort Collins, and all of Colorado, the exemption amount is normally $75,000. You are entitled to $75,000 in equity in your house, before any of that equity can be seized by the bankruptcy trustee or taken by your creditors. If you are over the age of 60, or if you are disabled, that amount increased to $105,000. If you have considerably more than $75,000 or $105,000 if you are over 60 or disabled, then you could potentially run into issues with regard to your house in filing bankruptcy.

Also, if you do intend to keep your house, you will have to continue making the mortgage payments. It is not possible to discharge the mortgage in a way that removes the security interest they have in your house. In order to keep your house, you would have to continue making any mortgage payments—that includes first mortgages, second mortgages, home equity lines of credit, any sort of secured property interest.

Former Clients Share Their Stories

The Benefits of a Results-Focused Approach
  • Cheryl

    Absolutely Worth Hiring

  • Crystal

    Helped Keep My Kids Safe

  • Kimber

    Highly Recommend Him!

  • Sherrie

    Deserves More Than 5 Stars!

  • Maddie

    Solved my problem with one call!

  • Ric

    Superb Attorney

  • Travis

    Went Over The Top

  • Darin

    Professional and Knowledgeable

  • Former Client

    Good Guy

  • Tyler

    Does not get any better than Levi

  • Levi

    Levi gets the job done quickly, efficiently, and respectfully!

  • Former Client

    Great choice for family cases and bankruptcy law

  • Greg

    Levi is a super nice guy who knows his stuff. I highly recommend Levi.

  • Scott

    A lawyer’s lawyer

  • Lonnie

    Excellent Family Law Attorney

  • Rob

    Levi is like the special forces attorney in family law!

Benefits of Choosing Me

Efficient. Effective. Focused.
  • Personalized Service & Solutions

    Every family and person has a unique situation requiring individualized attention.

  • Direct Attorney Access

    Talk directly to and receive direct updates from Attorney Levi.

  • Focused on Results

    Our goal is to help you and your family achieve an amicable settlement.

Contact My Office

I'll Guide You Through Every Step
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.