Homestead exemption vs Declared Homestead
Posted: Thu Jun 12, 2014 7:26 pm
No
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Jun 11, 2014, at 5:32 PM, "Catherine Christiansen christiansenlaw@yahoo.com [cdcbaa]" wrote:
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> Can a Debtor, who moved to CA 6 months before filing BK, purchased a residence, and filed a homestead declaration at the county recorders office, claim the declared homestead exemption under 704.920 when most of the 2 years before filing CH 7 Debtor lived in OH and therefore must use the OH exemption code on property. OH does not recognize a homestead exemption unless you live there, so Debtor ends up with Federal Exemptions. Seems like I have read a case with similar fact pattern in the last 3 years but can't find it.
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> Problem is Debtor has about $100,000 in equity in residence and going through a financial valley so Chapter 13 would require contributions from someone to fund the plan.
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> Is the declared homestead able to protect the equity under the code section and because the Debtor resided in the CA property on the date of filing, Showalter v. Hopper , or is the Debtor stuck with the maximum homestead exemption available under 522?
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> Thanks for your thoughts in advance.
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