There are so many legal aspects to owning a home, and it is always best to get the advice of a professional when dealing with these legal real estate matters to ensure that a person does not end up with the short end of the stick.
Homestead protections are common in the legal realm of real estate and financial matters. Homestead protections refer to the rights that homeowners have to file a claim for a portion of their primary residence to be a homestead, so it becomes off-limits to creditors. According to Colorado law, homeowners may be able to exempt a specific amount of their house equity from bankruptcy, so they do not end up homeless if a financial disaster does strike them.
In Colorado, homeowners may be able to exempt up to $60,000 worth of equity for their home during a Chapter 7 bankruptcy protection. If a homeowner is disabled or over the age of 60 then they may be able to claim a larger exemption of up to $90,000.
It is important to keep in mind that the federal exemption limit is much lower, at only $22,975. A married couple who is filing jointly may be able to double this amount, but it is still less than the state exemption limit.
How Can I Get Help with a Homestead Exemption Case?
Anyone who is worried about losing their home in the case of bankruptcy, or who would like to learn more about homestead exemptions, should make sure they get in touch with a real estate attorney as soon as possible.
Real estate lawyers can help individuals with many different factors, such as valuing their home, and helping them with the process of selling their property for the most profit. They can also assist a person in better understanding homestead laws in Colorado so the homeowner can make the best decisions to protect their family members and themselves from serious financial complications.
A real estate attorney can further help a homeowner better understand real estate contracts, so no details are left out or overlooked. They will ensure the contract includes all the relevant details such as the closing date, and that it also protects both the buyer and seller. An attorney can make sure that no one is being taken advantage of during the process of buying and selling a home. They can also help negotiate during the buying and selling process based on the specific demands and popularity of the area the home is in.
There are so many legal aspects to owning a home, and it is always best to get the advice of a professional when dealing with these legal real estate matters to ensure that a person does not end up with the short end of the stick.
Anyone who has questions regarding homestead laws should make sure they reach out to a real estate lawyer today. Connect with a real estate lawyer at Semler & Associates P.C. to get help with one’s case.
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