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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2900
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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If we have a homestead paid off, (we have homestead exemption),

Resolved Question:

If we have a homestead paid off, (we have homestead exemption), can all of the value of the homestead be safe from bancruptcy?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

If the value of the property is less than the allowable exemption for the homestead, then it will be protected from liquidation in a chapter 7.

Terry L. :

31-1 - Real property or manufactured home of unlimited value, but cannot exceed 160 acres if not in a city or town, or 1 acre in a city or town. You may rent the homestead as long as you do not acquire another. May be limited to $5,000 if more than 25% of area of improvements is used for business purposes.

Terry L. :

That is the OK bankruptcy exemption for homestead, which, is very generous.

Terry L. :

Thanks for your question, good luck.

JACUSTOMER-vcjmx87h- :

you did not answer my question. I asked if all of the value of the homestead is safe from bancruptcy and you answered "if the value of the property is less than the allowable exemption. What is the allowable exemption? That is my question.

Terry L. :

31-1 - Real property or manufactured home of unlimited value, but cannot exceed 160 acres if not in a city or town, or 1 acre in a city or town. You may rent the homestead as long as you do not acquire another. May be limited to $5,000 if more than 25% of area of improvements is used for business purposes.

Terry L. :

that is the exemption

Terry L. :

it says Unlimited, based on the size

Terry L. :

so unlimited means it won't be liquidated

Terry L. :

do you have any other questions?

JACUSTOMER-vcjmx87h- :

thank you. I understand. I will pay, and if you give me your information on how to contact by phone or email, I will keep your information for further questions.

Terry L. :

you are more than welcome. You must go thru this service for future questions though, we are prohibited from soliciting business. You can request me as your just answer expert though when you do! thanks

JACUSTOMER-vcjmx87h- :

how much cash can a couple keep if they file bancruptcy?

Terry L. :

there is no OK exemption for cash/bank accounts

JACUSTOMER-vcjmx87h- :

so does that mean none?

Terry L. :

correct

JACUSTOMER-vcjmx87h- :

thank you.

Terry L. :

you are welcome

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