Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Hi - my name is Chris and I'm a Bankruptcy attorney here to assist you.
Have you lived in California continuously for the past 2 years?
If not, where have you lived for the past 2 1/2 years?
i have lived in california for over 30 years
Thank you for your response.
Here are the applicable homestead exemption amounts:
$75,000 if single and not disabled; $100,000 if family and no other member has homestead; $175,000 if 65 or older or if physically or mentally disabled; $175,000 if creditors are seeking to force sale of your home and you are either (a) 55 or older, single and earn under $15,000 per year, or (b) 55 or older, married and earn under $20,000 per year.
If you file a Bankruptcy, you will not be able to keep your rental property. The Bankruptcy court will sell it, and then give you the exemption amount that applies to you.