Legal Question in Bankruptcy in Virginia

Homestead Exemption

I recently filed Chapter 7. I am preparing to file my Homestead Deed for Real & Personal Property. We owe 462 on our home, it is valued..maybe 480 (pushing it with the market. My husband and I are due to collect around 12,000 in taxes for 07'. In order to protect the taxes, I would like to use the max Homestead of 12,000 (4 dependents). Do we need to file the Real Property Homestead Deed with this little equity? I noticed when preparing you have to put a value & excemption amount. If I use all for the taxes, there is no exemtion left.


Asked on 2/07/08, 9:53 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Homestead Exemption

Your lawyer should probably have told you to list the taxes at $1 and the house at $1. Have you considered the costs of sale as to the realizable value of the house? DO NOT TRY TO DO THIS WITHOUT A LAWYER!!!

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Answered on 2/08/08, 10:03 am


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