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Atty said I cojuld list my rental as residence

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    Atty said I cojuld list my rental as residence

    I went to an attorney today and he said that I could list my rental as my residence since I'll be able to claim my exemption of $75,000. My loan and the value of the house are very close and she said it would be best to list that as my residence so they wont be any additional issues as far as showing the property with no equity. I owe $442,000 and Zillow is showing $490,000.

    Would like to know your opinion on this. I was going to file pro se but being that I am not going to list my house as my residence and this atty said it would be ok..I rather risk it with an attorney.

    #2
    My opinion is that you should first move into the rental and live there long enough for it to qualify as your homestead. Because right now, it doesn't.

    Comment


      #3
      Yes, you should be living in the property as your primary residence. If there are any homesteading forms for your State, you should likewise make a homestead declaration.

      Some Districts are strict in that they go by the initial purpose of purchasing the property, not its current use. If your attorney believes it's that simple, then go with his advice. Of course, he should be willing to defend that advice and provide some more detail... like the actual requirement to live in the residence and use it as a primary residence.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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