What state to file in & homestead exemption
I am confused. I've been planning on filing BK for the past 3 years in order to get rid of some business debt (credit cards secured by a personal guarantee) after our small store went bankrupt in Idaho. Here is where I'm confused...do I file in ID or UT?
We have owned a house in Idaho and occupied it for four years. We moved out three years ago due to the closure of the business. We found tenants and have rented the house for the past three years, however we are underwater on it as a rental. We moved to Utah almost three years ago. So we are renting in Utah paying a much higher rent then our mortgage in Idaho. We are taking money out of hubby's paycheck in order to keep the house in Idaho afloat. We want to move back there, but until hubby can find work there we can't. We don't want to lose the house.
Here is what the law says regarding exemption in ID:
"In Idaho the homestead exemption applies to real property, including your home, condominium, or a mobile home. You can exempt up to $100,000 in equity from your home. You don’t have to occupy the property to claim the exemption. However, if you don’t occupy the property, you have to record a homestead declaration before you can take advantage of the homestead exemption."
In Utah the exemption is only $20K. Since the house in ID, doesn't seem we would use the exemption for Utah.
Does this make sense to anyone?
I appreciate any insight.
We have owned a house in Idaho and occupied it for four years. We moved out three years ago due to the closure of the business. We found tenants and have rented the house for the past three years, however we are underwater on it as a rental. We moved to Utah almost three years ago. So we are renting in Utah paying a much higher rent then our mortgage in Idaho. We are taking money out of hubby's paycheck in order to keep the house in Idaho afloat. We want to move back there, but until hubby can find work there we can't. We don't want to lose the house.
Here is what the law says regarding exemption in ID:
"In Idaho the homestead exemption applies to real property, including your home, condominium, or a mobile home. You can exempt up to $100,000 in equity from your home. You don’t have to occupy the property to claim the exemption. However, if you don’t occupy the property, you have to record a homestead declaration before you can take advantage of the homestead exemption."
In Utah the exemption is only $20K. Since the house in ID, doesn't seem we would use the exemption for Utah.
Does this make sense to anyone?
I appreciate any insight.
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