question on the homestead exemption

[albacore44]

Hi,

I live in ca and am preparing to file in a few months.I am keeping my house but i'm upside down on the Loan, so there would be no value to the Homestead exemption as noted below.

However, I do have an RV paid in full, no lien. It is worth about $20k It is not a mobile home, but has cooking and bathroom facilities. can i protect it under the homestead, since it could be used as a residence ?? I know IRS guidelines allow an RV/Boat to be considered a residence so interest on a loan can be deducted. anyone know ??

Thanks

SYSTEM #1

Homestead

Real or personal Property you occupy including a mobile home, boat, stock cooperative, community apartment, planned development or condo to $50,000.00 if single and not disabled; $75,000.00 for families if no other member has a homestead; $125,000 if age 65 or older, or physically or mentally disabled; $100,000 if 55 or older, single and earn under $15,000 or married and earn under $20,000 and creditors seek to force the sale of your home; sale proceeds exempt for 6 months after received (husband and wife may not double the amount and may file a homestead declaration.
Insurance:

[lrprn]

It's my understanding that only the asset (in this case, your house) that you actually live in can be protected under any state's bankruptcy homestead exemption. However, depending on your specific financial circumstances, it *might* be possible to protect the RV under other exemptions. Frankly, a $20K asset without loans attached is a lot to protect if you are trying to keep your home and other assets like cars after filing as well.

Since you want to file Ch 7, the best way to get a reliable interpretation of whether your RV can be kept or not is to talk to 3-4 experienced CA bankruptcy lawyers in your area. Have you set up your free or low-cost initial appointments yet?