I live in NY and own a house and condo. I am planning on selling my house (primary residence) using a short sale and then moving into my condo. The condo was a rental for about a year and I have been trying to sell it for the past year. My question is once I sell my primary residence house and move into the condo how long would I have to wait to do a chapter 7 bankruptcy and now claim the condo as an exemption primary residence? Is there a certain amount of time that I will need to have lived in the condo to allow this exemption for chap 7 bankruptcy?
You must have an intent to make the condo your primary residence and cannot be moving there just for the benefit of your homestead. While it is probably a good idea to reside there a couple months before you file, there is no set time requirement that you have to be living there for any certain amount of time. Your intent is controlling here.
Mr. Larkin is licensed to practice law in CA and is located in San Diego. His response here does not constitute legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Larkin strongly advises the questioner to confer with an attorney in their own state to acquire more information about the specifics of their case.