Personal Bankruptcy Homestead protection

[bbcdon]

I have found out that if I file Chapter 7, half of the equity in the rental that my wife & her sister inheirited, is $70,000 for my wife. From what I understand from researching this situation, is my wifes equity is less than $75,000, which the amount that the bankruptcy court will allow. After my wife & I move into her home, and file a Homestead Exemption, is there a time frame after the Homestead Exemption is filed, before the court will accept this as protected equity? Thanks in advance, Don.