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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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My husband and I are considering chapter 7 bankruptcy and live

Resolved Question:

My husband and I are considering chapter 7 bankruptcy and live in KY. We own a home that is worth considerably less than we owe on it.
Would we be allowed to use our rv as our primary residence? We are planning on purchasing land, (owner financed) out west and putting the rv on it to live in. Would the rv then be considered as a residence or still personal property?
Would it be better to file after we move to a state where the exemption limit is higher, or now while we are still living in our home in KY.
Thank you for your time.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.
Hi JACustomer,
1) What is the current market value of your rv?
2) What is the balance - if any - on the loan for the rv?
Customer: replied 6 years ago.
The rv is worth about 12,000. We owe nothing on it.
Expert:  cfortunato replied 6 years ago.
Yes - you can move into the rv and use the homestead exemption - up to $43,250 for a married couple that files jointly - to protect it from the Bankruptcy court.
The relevant statutes specifically state the homestead exemption can be used for an rv. As you have to live in a state for 2 years before you can use the exemptions for that state, moving would probably not matter.

I think this is what you wanted to know. If not, please let me know.
Thank you.
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