Exemption. Chapter 7 bankruptcy with a disabled spouse and two properties, one a rental, one a residence. Can the $175,000

Asked 12 months ago - Ventura, CA

exemption excess from property A be applied to property B? Example property A equity $100,000, property B equity $70,000. equating to exempt status for both properties.
October 2013 using 704.730
Thank you

Attorney answers (4)

  1. Stuart Gregory Steingraber

    Contributor Level 18


    Lawyers agree

    Answered . The RE exemption only applies to your residence where you reside. It cannot be split.

  2. Christine B. Adams


    Contributor Level 20


    Lawyers agree

    Answered . A agree with Attorney Steingrabe, your exemption is determined by your place of residence. Pleas make sure you use a qualified bankruptcy attorney for your case to make sure you get the proper advise.

  3. Michael Patrick Hanrahan

    Contributor Level 10


    Lawyers agree

    Answered . The exemption is used solely for your homestead. The additional amount cannot be applied to another property.

    Attorney answers to questions are for general purposes only and do not establish an attorney-client relationship.... more
  4. Brian Crozier Whitaker

    Contributor Level 17


    Lawyer agrees

    Answered . Sorry ... no.

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