Legal Question in Bankruptcy in Washington
Homestead exemption
We are currently in a CH 13 payment plan and selling the house and paying off the creditors. Our projected profit is $50,000. What happens to the difference between the $40,000 from the Homestead exemption and the $50,000 profit?
Asked on 4/01/08, 2:35 pm
1 Answer from Attorneys
James Vasquez
In Pacta, PLLC
Re: Homestead exemption
The homestead exemption in Washington has been increased to $125,000.00 therefore you should not have any difference, assuming you chose the state exemptions when filing.
Answered on 4/01/08, 4:03 pm
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