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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 18131
Experience:  B.A.; M.B.A.; J.D.
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I filed bankruptcy ch 7. The trustee is trying sell my house

Customer Question

I filed bankruptcy ch 7 . The trustee is trying sell my house right now. I have not filed declaration of home steady exemption yet . Of course it is too late to do it . The question is under California bankruptcy law . Without declaration ofhome stead
exemption , how much can I get after it is sold?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 1 year ago.

Whether or not you filed Homestead Declaration, you have automatic homestead exemption. Depending on your exemption scheme-the exemption you chose for your bankruptcy case and your age and resources you can be entitled to up to $175,000.00 of the equity in the home. So, if the property is sold, that is the amount that the Trustee would give to you after paying for the expenses of the sale.

Homestead under Exemption Scheme Section 704 (California Code of Civil Procedure Section 704) gives you the following:

Section 704.730:$75,000.00

Section 704.730 if a spouse or another person with interest in the property lives at the homestead:$100,000.00

Section 704.730 if you are 65 or over, disabled or 55 years and older with limited income of $25,000.00 or less, or $35,000.00 or less, if married:$175,000.00

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=ccp&group=00001-01000&file=704.710-704.850

If you elected Exemption Scheme under Section 703 (California Code of Civil Procedure Section 703), you would be entitled to $25,575.00 of exemption under 703.140(b). That's the amount you would get after the expenses of the sale.

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=ccp&group=00001-01000&file=703.010-703.150

California Homestead Filing Service Regulation:

http://www.dca.ca.gov/publications/legal_guides/h-1.shtml

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