Fremont Bankruptcy: Homestead Exemption

It is likely that you will want to keep your home, if you decide to file for bankruptcy.  Debtors in each state are entitled to a “homestead exemption” in that state.  This allows debtors to protect the equity of a home with certain limits.  Therefore, if the equity of your home is less than the exemption provided under state law, your house can be protected when  you file for Chapter 7 bankruptcy, and you will not have to sell your house to pay creditors.

State Laws
Depending on the state you live in, the amount of your homestead exemption will be different.  Your homestead exemption will follow the laws of the state you have lived in for the last two years before filing for bankruptcy.  If you have recently moved, it will be the state that you have lived in for the majority of the prior 180 days preceding the two years.

Limitations Under the New Law
Under the new bankruptcy law, you are not able to exempt more than $125,000 equity on a home that was purchased within three years and fourth months (or 1,215 days) before filing for bankruptcy.  This does not include the equity of another residence that you may have purchased previously within the 1,215 day period.  

Also, if the court finds you guilty of fraud, it may reduce the amount of your homestead exemption.  Your exemption will be limited to $125,000 or lower if you are guilty of securities fraud or certain criminal conduct.  Fraud includes converting nonexempt assets fraudulently ten years before filing for bankruptcy or disposing of property in order to defraud a creditor.  For consultation, call Sagaria Law to schedule an appointment in Fremont.

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