How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TJ, Esq. Your Own Question
TJ, Esq.
TJ, Esq., Attorney
Category: Legal
Satisfied Customers: 11779
Experience:  JD, MBA
9373668
Type Your Legal Question Here...
TJ, Esq. is online now
A new question is answered every 9 seconds

I have a judgement against me in the amount of $281,000.00,

Customer Question

Hi,
I have a judgement against me in the amount of $281,000.00, from a legal matter brought against me by my mother. I own a house (House A) free and clear that I currently rent out. I rely on the rental income from (House A) to pay my obligations; mortgage (House B) which I currently live in, insurance, taxes, monthly expenses, etc.
Do I have any protection from a forced sale if I lived in (House A) and filed a Homestead Declaration? I am married and live in CA, and the home (House A) has an approximate value of $300K.
Thank you so much
Joe
Submitted: 9 months ago.
Category: Legal
Expert:  TJ, Esq. replied 9 months ago.

Hello and thank you for the opportunity to assist you. My name is ***** ***** I will do my very best to answer your legal questions.

While you do have the ability to protect some of the equity in the home, I'm sorry to say that you do not have the ability to prevent a forced sale. Here is a summary of the potentially available exemptions:

Single homeowners who are not disabled may exempt up to $75,000 of the equity in their home or other property covered by the homestead exemption. You may exempt up to $100,000 if you live with a family member; $175,000 if you are 65 or older, or physically or mentally disabled; $175,000 if 55 or older, single, and earn a gross annual income under $25,000 or are married and earn a gross annual income under $35,000.

The exempt amount is the amount of equity that you can keep from the proceeds of a forced sale. In your case, since the home can sell for approximately $300,000, the creditor can force the sale of the home, pay you the exempt amount, and then keep the remaining proceeds to pay down the debt that you owe to that creditor.

I am truly sorry that my answer is bad news for you, but please understand that it would be unfair to you (and unprofessional of me) to provide you with anything less than an honest response. However, if your concerns were not satisfactorily addressed, then please let me know, and I will be happy to clarify my answer.

Expert:  TJ, Esq. replied 9 months ago.

Hello again. I didn't hear back from you, so I'm just checking in to make sure that you don't need more help on this issue. If not, then please remember to provide a positive rating to close out this question (and please remember that your positive rating is the only way that I'll get credit for helping you, so I greatly appreciate it). Thank you!

Related Legal Questions