Personal Bankruptcy California Homestead Exemption

[bbcdon]

I am about to file Chapter 7 bankruptcy. My wife & I live in a home which is upside down in value to loan amount. I was wiped out financialy due to a long and continuing battle with cancer. I have been on California State Disablility for 10 months. When the disability runs out, the only income I will have is Social Security. My wife & my sister-in-law own a rental out of town which was in a trust held by their mother. She passed away approximately 7 hears ago, and has not been transferred to the both of them. If my wife & I were to move into the rental and file a Homestead Exemption, would we have to be living in there for a set amount of time before the filing to exempt her equity in the rental, which would become our primary residence? Thank you, (deleted).

 

[disagreeable]

That would depend on the judge. She was happily renting the property when you asked the question on another forum and were told she would be denied because she could sell the asset to pay her bills. The court may deny the application because you are strategically positioning yourself to qualify for Ch7.

 

[army judge]

A trail of tiny electronic bread crumbs are being spread over the vast Internet.
Those trustees are very, very clever.

 

[bbcdon]

I am not positioning my myself. I am utilizing the option which is available. My question was regarding a Homestead Exemption in case we have to move. Maybe you are not familiar with the Homestead Exemption which is $75,000 in California. I take offense to your accusation!!!

 

[bbcdon]

I am not positioning my myself. I am utilizing the option which is available. My question was regarding a Homestead Exemption in case we have to move. Maybe you are not familiar with the Homestead Exemption which is $75,000 in California. And by the way, I have retained counsel, and have an appointment next week. I was just asking for info on a legal forum. It that all right? I take offense to your accusation!!!

 

[disagreeable]

You were answered. The court might throw your case out for positioning yourself.

 

[Betty3]

Since you now have a lawyer, discuss everything with him/her which it seems you are planning on doing.

 

[disagreeable]

As I noted in your other thread elsewhere, you will now be freeing up all kinds of cash because you will not be paying your mortgage, taxes and upkeep on the second home. Battling cancer does not give you a free ride on paying your bills. I have been disabled for decades and lost millions as a result. I have been off work most recently for almost 2 years with no income. I still pay my bills.