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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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i want to move back into my rental in februaury 2013,this rental

Customer Question

i want to move back into my rental in februaury 2013,this rental has 400k in equity. I have 5 other rentals that have little to no equity. once i move back into this rental, I need to file bankruptcy becuase I owe 200k in debt and I being sued right now on a diferent matter.

1. if I live in home with all that equity can I still file bankrupcy or how much does the bankruptcy cout allow in equity in an owner occupied or will they make me sell the house?
2. what are my options?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.

cfortunato :

Hi - my name is Chris and I'm a Bankruptcy attorney here to assist you.

cfortunato :

Have you lived in California continuously for the past 2 years?

cfortunato :

If not, where have you lived for the past 2 1/2 years?

JACUSTOMER-pce0z2zv- :

i have lived in california for over 30 years

cfortunato :

Thank you for your response.

cfortunato :

Here are the applicable homestead exemption amounts:

cfortunato :

$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.

cfortunato :

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.