Homestead Exemption Question(s)
Posted: Tue May 29, 2012 2:00 pm
Unless a homestead was recorded.
Sent from my iPhone
On May 24, 2012, at 5:09 PM, Larry Simons wrote:
> I look to where the debtor lived on the petition date and use that to determine the validity of the exemption.
>
>
>
Tyson M. Takeuchi
> Sent: Thursday, May 24, 2012 4:45 PM
> To: cdcbaa@yahoogroups.com; Leon Bayer
> Subject: [cdcbaa] Homestead Exemption Question(s)
>
>
>
>
>
> Hi Everyone,
>
> PC filed a chapter 13 bk to save his condo from foreclosure. He also owns a commercial property with $160k equity.
>
> Four months into his Ch. 13, PC determined that he couldn't support the payments on his condo and moved into the commercial property with his wife. Commercial property was listed on his bk schedules.
>
> 30 days after moving into the commercial property, PC converted his case to one under Chapter 7. PC (and non-debtor spouse) are both over 65 years. The Chapter 7 Trustee assigned to his case is now preparing to sell the commercial property.
>
> Can PC claim a homestead exemption for the commercial property he now lives in? Anyone know of any case law supporting him? Thoughts?
>
> Sincerely,
>
> Tyson M. Takeuchi, Esq.
>
> Tyson M. Takeuchi
> Certified Bankruptcy Specialist*^
> Law Offices of Tyson M. Takeuchi
> 1100 Wilshire Blvd., Ste. 2606
> Los Angeles, CA 90017
> tel: (213) 637-1866
> fax: (866) 481-3236
> *By State Bar of California Board of Legal Specialization
> ^Consumer Bankruptcy Specialist Certified by American Board of Certification
>
>
>
Unless a homestead was recorded. Sent from my iPhoneOn May 24, 2012, at 5:09 PM, Larry Simons <larry@lsimonslaw.com> wrote:
I look to where the debtor lived on the petition date and use that to determine the validity of the exemption.
From: cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
On Behalf Of Tyson M. Takeuchi
Sent: Thursday, May 24, 2012 4:45 PM
To: cdcbaa@yahoogroups.com; Leon Bayer
Subject: [cdcbaa] Homestead Exemption Question(s)
Hi Everyone,
PC filed a chapter 13 bk to save his condo from foreclosure. He also owns a commercial property with $160k equity.
Four months into his Ch. 13, PC determined that he couldn't support the payments on his condo and moved into the commercial property with his wife. Commercial property was listed on his bk schedules.
30 days after moving into the commercial property, PC converted his case to one under Chapter 7. PC (and non-debtor spouse) are both over 65 years. The Chapter 7 Trustee assigned to his case is now preparing to sell the commercial property.
Can PC claim a homestead exemption for the commercial property he now lives in? Anyone know of any case law supporting him? Thoughts?
Sincerely,
Tyson M. Takeuchi, Esq.
Tyson M. Takeuchi
Certified Bankruptcy Specialist*^
Law Offices of Tyson M. Takeuchi
1100 Wilshire Blvd., Ste. 2606
Los Angeles, CA 90017
tel: (213) 637-1866
fax: (866) 481-3236
*By State Bar of California Board of Legal Specialization
^Consumer Bankruptcy Specialist Certified by American Board of Certification
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