Legal Question in Bankruptcy in Virginia

I owned property (land) IN Mississippi AND I'm filing bankruptcy in Virginia do I need to file a homestead deed in Mississippi or Virginia. and how do homestead apply to income taxes

Asked on 2/10/14, 6:03 pm

1 Answer from Attorneys

Daniel Press Chung & Press, P.C.

Assuming you have been a Virginia resident for 2 years (such that Va. exemptions apply) and you need to file a homestead deed to claim the 34-4 exemption, you would file it in your county/city of residence in Va., unless you need to protect out of state real property (in which case you file it in both places). If you no longer own the MS land, you do not need to file it there. Homestead deeds have no impact on income taxes. It sounds like you do not have a clear understanding of this important issue, so I would suggest that you retain a bankruptcy lawyer to handle your case for you. DO NOT try to file bankruptcy on your own.

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Answered on 2/11/14, 4:22 am

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