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Must I file my 7 Bankruptcy in Washington before signing an agreement to sell my property to qualify for homestead exemption
Seattle, WA
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Posted 3 months ago in Bankruptcy / Chapter 7
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The said property, in Washington state, is listed and will likely have an agreement written that would net nearly $100,000. I am concerned that if I do not file before I sign an agreement of sale I will lose my right to the exemption. Must I file before closing the sale or signing an agreement of sale to ensure the assets will be secure under the homestead exemption?
Answers (1)
Robert W. Kovacs Jr.
This attorney is licensed in Massachusetts.
Posted 3 months ago.
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I am not licensed in your state but I can offer some general information.
First the homestead needs to be recorded before you file bankruptcy. Next you can not file a homestead on property that you do not own and there is no way to exempt $100,000 in cash. Finally, the money you get from the sale MAY still become part of your bankruptcy estate because you are anticipating getting the money. You really need to talk to a lawyer before you do anything because there are some complex planning issues here and you do not want to lose your house or $100,000. You should call a local lawyer who will be able to advice you about your case and state’s laws. Good Luck. Robert Kovacs |
