DOES A MOBILE HOME QUALIFY FOR THE EXEMPTION IN CHAPTER 7, IF VALUED UNDER $50,000?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
DOES A MOBILE HOME QUALIFY FOR THE EXEMPTION IN CHAPTER 7, IF VALUED UNDER $50,000?
I OWE MORE THAN THE HOME IS VALUED AT (ON RENTED LOT). I DO NOT HAVE A CONVENTIONAL MORTGAGE AND DO NOT KNOW IF I QUALIFY FOR THE EXEMPTION, OR IF I HAVE TO REAFFIRM, OR IF I SHOULD JUST SURRENDER THE HOME.
Asked on December 8, 2010 under Bankruptcy Law, New York
Answers:
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
If you're asking whether or not a mobile home qualifies as a residence on which you can claim a homestead exemption, that depends on the laws of your state and you need to consult with an attorney there. Most states do allow mobile homes to take the same exemption as a "regular" home.
However, if you owe more than the home is worth, why do you need to take an exemption at all? There's no equity there.
Mark J. Markus, Attorney at Law
http://www.bklaw.com/
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
If you're asking whether or not a mobile home qualifies as a residence on which you can claim a homestead exemption, that depends on the laws of your state and you need to consult with an attorney there. Most states do allow mobile homes to take the same exemption as a "regular" home.
However, if you owe more than the home is worth, why do you need to take an exemption at all? There's no equity there.
Mark J. Markus, Attorney at Law
http://www.bklaw.com/
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.