Legal Question in Real Estate Law in California
Homestead exemption
Business is bad, and we may have to file Ch 7 in 6 to 9 months. Is there an advantage to filing a Homestead exemption on our home?
3 Answers from Attorneys
Re: Homestead exemption
Sorry to hear you are going through a rough patch.
You have nothing to lose by recording a declaration of homestead, although it will not protect your home from the mortgage company. In a Chapter 7 it is unlikely to help you since if you have equity in your home you will probably not qualify for a Chapter 7, in all probability you would be forced into a Chapter 13.
Re: Homestead exemption
Sorry to hear you are going through a rough patch.
You have nothing to lose by recording a declaration of homestead, although it will not protect your home from the mortgage company. In a Chapter 7 it is unlikely to help you since if you have equity in your home you will probably not qualify for a Chapter 7, in all probability you would be forced into a Chapter 13.
Re: Homestead exemption
It protects a portion of the equity from being taken by the Trustee or creditors in the BK sale of your house.
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