Bankruptcy laws will determine what assets a debtor can have discharged from claims. In a chapter 7 bankruptcy case, the homestead exemption may allow the debtor to save his home from being sold off. Specifics vary by state. Some states have no stipulations on the value of the home, while others base exemption on acreage, or the size of the home site. There are states in which the homestead exemption does not apply.
Your Kiowa CO bankruptcy attorney will know the particulars of the Colorado homestead exemption.