Legal Question in Bankruptcy in California

In a chapter 7 bankruptcy, filing in california, can the debtor us the exemptions in 704 to exempt $75,000 equity in a house in canada?

Asked on 2/03/16, 10:53 am

2 Answers from Attorneys

David Rausa D.J. Rausa, Attorney at Law

In order to exempt equity in a residence under CCP 704, the debtor, or dependents of the debtor must reside in the property. Therefore, if the facts do not fit with the exemption, the equity would not be exempt.

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Answered on 2/03/16, 10:56 am
Carl Starrett Law Offices of Carl H. Starrett II

You cannot claim the exemption unless you or your family live in the property. How are you going to live in Canada and file for bankruptcy in California?

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Answered on 2/04/16, 5:48 am

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