Here is how it reads...
38-41-201. Homestead exemption
Every homestead in the state of Colorado occupied as a home by the owner thereof or his or her family shall be exempt from execution and attachment arising from any debt, contract, or civil obligation not exceeding in value the sum of forty-five thousand dollars in actual cash value in excess of any liens or encumbrances on the homesteaded property in existence at the time of any levy of execution thereon.
I have a condo that I live in, haven't decided if I'm going to keep it or not, but I have a townhouse in MY NAME that my BROTHER and roommate live in. Yes, they pay me rent, it's about a break even proposition each month. I CANNOT lose that townhouse, nor can I move in.
Is he considered "family" as stated above, or does that pertain to spouses/children?
I GROSS about $80K a year before both mtgs., HOA's, insurance, utilities, all other expenses. I talked to a BK Atty today and he thinks I MIGHT squeeze by on a 7 via the "means" formula? Not sure about that, but I just cannot lose the townhouse, nor can I move in. I think I said that already.
Thoughts?
38-41-201. Homestead exemption
Every homestead in the state of Colorado occupied as a home by the owner thereof or his or her family shall be exempt from execution and attachment arising from any debt, contract, or civil obligation not exceeding in value the sum of forty-five thousand dollars in actual cash value in excess of any liens or encumbrances on the homesteaded property in existence at the time of any levy of execution thereon.
I have a condo that I live in, haven't decided if I'm going to keep it or not, but I have a townhouse in MY NAME that my BROTHER and roommate live in. Yes, they pay me rent, it's about a break even proposition each month. I CANNOT lose that townhouse, nor can I move in.
Is he considered "family" as stated above, or does that pertain to spouses/children?
I GROSS about $80K a year before both mtgs., HOA's, insurance, utilities, all other expenses. I talked to a BK Atty today and he thinks I MIGHT squeeze by on a 7 via the "means" formula? Not sure about that, but I just cannot lose the townhouse, nor can I move in. I think I said that already.
Thoughts?
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