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Chapter 7 in California: We want to file a declaration of homestead

This is a discussion on Chapter 7 in California: We want to file a declaration of homestead within the Consumer Bankruptcy forum, part of the BANKRUPTCY & DEBT COLLECTIONS category; My husband and I are filing Chapter 7 Bankruptcy in California. We own two homes. House 1 has very little ...

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Old Jul 7th, 2010, 11:40 AM   #1
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Default Chapter 7 in California: We want to file a declaration of homestead

My husband and I are filing Chapter 7 Bankruptcy in California. We own two homes. House 1 has very little equity in in, house 2 has mabye $50,000 or so in equity. We want to file a declaration of homestead for the house #2. My husband operates a corporation he owns out of house #2. My question is, how long must you live in the house to declare homestead? He plans to move in there as his permanent residence before we file. Is there any other way to protect our equity house #2 other than filing homestead. I am not sure if it will be a problem since he also operates his business out of there. Also, can I file one one house #1 and he on house #2? We plan to file in the next few months.
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Old Jul 7th, 2010, 11:36 PM   #2
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Default Re: Chapter 7 in California: We want to file a declaration of homestead

If you live there primarily it is often automatic.

Or a declared homestead is a legal form that you record with the Registrar-Recorderís office. A declared homestead protects some of your equity for six months after you sell your home if the following three conditions are all true:

You sell your home and buy another home within six months;
The protected amount is used to buy another home;
You record a homestead on the new home.


Check with your Bk lawyer but often 6 months.
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