5th wheel and tow vehicle as homestead? [Archive]

philnk

03-06-2006, 05:07 PM

I modified a semi truck to haul my 5th wheel around. I live in it full time and consider it my homestead. The semi is used 95% of the time to pull the 5th wheel. This is the cheapest way for me to live as long as I park on public lands which are free. I must move every two weeks to a new spot to keep living on the public land so I consider the semi to be essential for me to continue homesteading in the 5th wheel. QUESTION - Can I use this reasoning to convince a trustee that both the semi and 5th wheel are exempt since they are my "homestead"?

SinkingFast

03-06-2006, 05:26 PM

The 5th wheel probably will be no problem at all. Much of what BK Law allows is built on IRS codes. The IRS will allow mortgage deductions for motor homes and trailers where people use those as their primary or secondary place of residence.

The semi is gonna be a different story. That's a vehicle. I don't know that you'll be able to get around that one.

There's already been a New Law ruling about "lawn tractors". Those can't be considered in household items. Lawn Tractors must be considered vehicles. Riding lawn mowers, however, can be considered a household item.

Definitely something to address in Consults with attnys. Don't hold your breathe for one to take on the truck as part of your "homestead". Attnys in general aren't willing to break ground and create Law or definitions under the New Law.



	Bankruptcy Forum > Before the Discharge > Exemptions > 5th wheel and tow vehicle as homestead? PDA 5th wheel and tow vehicle as homestead? philnk 03-06-2006, 05:07 PM I modified a semi truck to haul my 5th wheel around. I live in it full time and consider it my homestead. The semi is used 95% of the time to pull the 5th wheel. This is the cheapest way for me to live as long as I park on public lands which are free. I must move every two weeks to a new spot to keep living on the public land so I consider the semi to be essential for me to continue homesteading in the 5th wheel. QUESTION - Can I use this reasoning to convince a trustee that both the semi and 5th wheel are exempt since they are my "homestead"? SinkingFast 03-06-2006, 05:26 PM The 5th wheel probably will be no problem at all. Much of what BK Law allows is built on IRS codes. The IRS will allow mortgage deductions for motor homes and trailers where people use those as their primary or secondary place of residence. The semi is gonna be a different story. That's a vehicle. I don't know that you'll be able to get around that one. There's already been a New Law ruling about "lawn tractors". Those can't be considered in household items. Lawn Tractors must be considered vehicles. Riding lawn mowers, however, can be considered a household item. Definitely something to address in Consults with attnys. Don't hold your breathe for one to take on the truck as part of your "homestead". Attnys in general aren't willing to break ground and create Law or definitions under the New Law.