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 Roger Your Own Question
Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31770
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
6704987
Type Your Bankruptcy Law Question Here...
Roger is online now
A new question is answered every 9 seconds

I am doing Chapter 13 in Northern California. Can I exempt

This answer was rated:

I am doing Chapter 13 in Northern California. Can I exempt my private residence?

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for your question.

There are homestead exemptions in bankruptcy for a homestead property in California. Here's a good link that outlines the exemptions - - which starts at $75,000: http://www.nolo.com/legal-encyclopedia/the-california-homestead-exemption.html

Thus, you can use this exemption, but that's not going to affect what you have to repay your lender on your mortgage through your chapter 13 plan. The reason is that a mortgage on a primary residence cannoy be crammed down or adjusted through bankruptcy by law. You can certainly try to negotiate with the lender and agree to a modification/reduction, but there's no right to such.

Roger and 2 other Bankruptcy Law Specialists are ready to help you