Legal Question in Bankruptcy in California

Homestead Help for CH 7

HELP -

I recently filed Ch 7 at the time I was renting the property and have since moved back in - after the filing. The trustee wants to look at my property for equity for the creditors (seize and sell). I did not file a Homestead protection - my property went from 92500 to 125000 so there is equity - what are my options - should I resend and then refile or file an amendment or what? Thanks


Asked on 4/02/03, 8:13 pm

1 Answer from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: Homestead Help for CH 7

It really depends on how much equity you're talking about. If it is more than the $50,000 homestead exemption (assuming you are single) and you want to keep the house, you will need to convert your case to Ch. 13 (assuming you are otherwise eligible) and enlist the services of a competent attorney. I'm not even sure if you can claim a homestead exemption on property you weren't living in on the date the bankruptcy case was filed, but I'd have to research that.

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Answered on 4/02/03, 8:39 pm


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