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Bankruptcy question: I don't understand how the exemptions…

Second opinion] Bankruptcy question: I...
Second opinion] Bankruptcy question: I don't understand how the exemptions work when you have moved from one state to another. I understand how you determine which exemptions apply and where you should file, but I don't understand how you might apply the homestead exemption that you are eligible for in one state to another. I am over 60 and have lived in WA and CO over past two years but mostly in CO. I purchased a house in WA (primary asset with $70k in equity) about 2 years ago. Using the 730 day+180 day rule, I may be able to time my filing to use the exemptions of either state. If I use CO exemptions can I apply the CO homestead exemption amount to my property in WA (assuming I am living in WA during filing)? Or is my CO exemption only good for CO property (even though I will be living in the WA home at the time of filing)? Timing wise it would be easier for me to use CO exemptions but only if they would allow me to protect my home in WA. I might have to wait an additional 6 months to qualify to use WA exemptions.
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Answered in 2 days by:
1/8/2018
DrakeLAW
DrakeLAW, Lawyer
Category: Legal
Satisfied Customers: 1,038
Experience: Attorney
Verified

Hi, my name is ***** ***** I look forward to helping you, please give me a moment to review and possibly research answers to your question.

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I can't tell if you are waiting for a specific expert or wanting a second opinion from someone else. Please let me know and I will be happy to either answer your question or return it to the queue. Thanks.

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Customer reply replied 6 months ago
Hi, I'm waiting on a second opinion from anyone. I would welcome your assistance. Thank you.
Customer reply replied 6 months ago
Take your time, I'm tied up at the moment.
Michael Bradley
Category: Legal
Satisfied Customers: 1,516
Experience: Owner at The Protection Group LLC
Verified

let me ask, is there a deadline or real need to file quickly, I assume a chapter 7?

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Customer reply replied 6 months ago
Michael, I prefer to correspond in writing but will consider a call at a future time. I'd like to file as soon as practical but there is no deadline. I'm current on all bills now but can't keep up, so want to file before situation becomes more stressful. Please answer initial question about how one applies one state''s exemptions if they have moved. Thank you.

the system asks you for the call not me

we do not need to talk over the phone

I am running out to court and when I get back I will research your issue as it is complicated

with no rush or deadline that is good so we can proceed carefully and not rushed

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Customer reply replied 6 months ago
Great, I look forward to your response in the next few days. Thanks for letting me know about the phone call requests. It pops up constantly.
Customer reply replied 6 months ago
I'm still waiting on a response. Any progress? My situation is that I've owned a home in WA for less than two years and previously lived in Co. I plan to file in wa. Can I apply the Co exemptions and save my home in wa?

the good thing about you filing for a 7 and no deadline, being sued, liened on etc is that you can wait and file when ready with no rush

you can only file the CO if you live there

you can also only use the CO exemptions for real property if you live in the property so it seams CO is not an option

also in CO can not use the federal exemptions

let me look at WA

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WA can use WA or federal exemptions

Under Washington law, homeowners may exempt up to $125,000 of their home or other property covered by the homestead exemption. If you are not living in the home, you must file a homestead declaration.

You can currently protect $23,675 of equity in your principal place of residence under the federal exemptions. You’ll use the homestead exemption to protect the equity in residential real estate, such as a house, or personal property that you use as a residence (such as a residential trailer). However, keep in mind that you cannot use the homestead exemption to protect equity in your investment or rental properties. You must live in the dwelling to use the exemption.

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In my opinion I would consider the relocation to WA wait the time limit and file in WA as they have a stronger homestead exemption

again, it is great that you do not need to rush to file

At some point I would stop paying the bills that would get discharged

all they can really do is sue you and call but it takes a long time for that to happen

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Customer reply replied 6 months ago
Thank you for your response, Michael. A few related issues: 1) I will wait to file in WA and I will be living in the house at the time of filing. Can I rent out the house in the interim (to raise some money). Or would that jeopardize my homestead exemption? (The WA is my only property owned and I plan to retire there when I get my financial situation in order.) 3) Would my time in WA be from the date I bought the home or the actual date of move in? 4) I calculate that I could not file until 730 days +91 days from the date of moving in correct? 5) Should I contact creditors to explain my nonpayment (I'm pretty much judgement proof) or just stop paying. Would late pays appear on credit report for many years plus bankruptcy if I stop paying? I'm current on all accounts now but can't continue to pay everyone. I assume it's bad to pay some and not all of unsecured debt. I will continue to pay mortgage, of course. Any general advice is appreciated.

you can rent it out temporarily but if you can do it without renting I would not rent

technically it would be move in date but you can probably use purchase date

you are correct on #4

not point contacting them in number 5 since creditors do not care why not paying but not paying

if you stop paying the most serious hit on credit report would be the bankruptcy

must pay mortgage

if you can not pay unsecured then do not pay them, they will harass a ton out of you with phone calls and maybe a lawsuit but in the end they can not do anything

once you retain an attorney you can advise the creditors and they can no longer call you

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Customer reply replied 6 months ago
Thanks. Do attorneys contact creditors before the bk filing or wait until the filing? Is it best to hire attorney now or wait closer to file date?

attorneys do not contact the creditors

they wait for them to receive the notice from the bankruptcy court

you can hire an attorney at any time

they just will not file until their fee and the filing fee are paid

Michael Bradley
Category: Legal
Satisfied Customers: 1,516
Experience: Owner at The Protection Group LLC
Verified
Michael Bradley and 87 other Legal Specialists are ready to help you
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Customer reply replied 6 months ago
Thanks for your help, Michael. I'll give you a good rating.
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