mobile home sale

[skatermom]

I sold a mobile home in fl for 40,000 last year. A mobile home there is not considered real estate, it is registered as a motor vehicle. we moved to another state an would be eligible to file under federal exemptions. how will this money be looked at in bankruptcy. we used most of it for furniture as our mobile was sold furnished, and for moving expenses and living expenses until my husband could find a job.....2 months out of work.....

[TEW]

I sold a mobile home in fl for 40,000 last year. A mobile home there is not considered real estate, it is registered as a motor vehicle. we moved to another state an would be eligible to file under federal exemptions. how will this money be looked at in bankruptcy. we used most of it for furniture as our mobile was sold furnished, and for moving expenses and living expenses until my husband could find a job.....2 months out of work.....

if you sold it for fair market value and not to an insider (family member) you're fine.

[skatermom]

you dont think the 40 000 will be questioned? Is it considered income? Will they ask for proof of what we spent it on? What is the look back period?

[StartingOver08]

The look back period for your income is 6 months before filing.

You do have to provide documentation to your attorney for any sales - and that will include the mobile home. I had to go back 10 years on real estate and 2 yrs on bank statements. So your $40k from last year will show up IF they want to see two yrs of your bank statements.

Tell the attorney you made the sale. He will know where to put it in the petition. You should be fine because you used it for living expenses. HOWEVER, you may need to live in your current location for 2 yrs before filing BK or you will be forced to use the FL exemptions (which are extremely small).

[skatermom]

The day you move from Florida you give up the right to use FL exemptions....I have to use Federal.......The 40,000 will not show on my bank statements as I cashed the checks at the bank it was drawn on, I didnt want to risk any creditor attaching my checking account!!!!

[StartingOver08]

[QUOTE=skatermom;240688]The day you move from Florida you give up the right to use FL exemptions....I have to use Federal.......The 40,000 will not show on my bank statements as I cashed the checks at the bank it was drawn on, I didnt want to risk any creditor attaching my checking account!!!![/QUOTE]

There is a two year residency requirement:
Residency requirements. If a filer has lived in their current state for less than 2 years, then the bankruptcy provisions of the previous state of residence are applied. (This is to prevent debtors from moving to a state with more favorable bankruptcy laws and then immediately filing bankruptcy.)

http://www.dcu.org/streetwise/september2006.html

Some states allow you to use the federal exemptions, some don't. I did not notice which state you reside in now, but you can go to www.legalconsumer.com and check that states residency requirements.