California Homestead
California resident owns three real estate properties, however, debt exceeds property value on two of the three properties. The third is partially developed land, water, elec. Phone, well road easement in San Diego county. The individual was planning to build, but due to complications with the county only now has the "possibility of approval" for installation of a septic system.
In the mean time the retired firefighter had to have surgery, so he moved to a second home so he could have surgery. Age 70. The property where he is currently a resident more is owed on it than the current appraised value. Would it be possible to file a homestead on the San Diego land (free and clear) to protect the equity, in case a chapter 7 bankruptcy is unavoidable?
This land is his last remaining asset, he lived on the property in a construction trailer for two years, then had to move in order to facilitate his surgery. Difficult to use a walker or crutches in an RV.
Asked on 7/01/10, 12:54 pm
1 Answer from Attorneys
George Shers
Law Offices of Georges H. Shers
Your principal place of residence is automatically homesteaded. But that only covers the one parcel you live on.
Answered on 7/01/10, 8:06 pm
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