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Homestead exemption question

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    #1

    Homestead exemption question

    We live in the country, outside of town. We have a home with 16 acres.

    Are we protected under the homestead exemption?
    Tags: None
    #2
    Depends on how much equity you have in the home
    Chapter 7 07/30/2008
    341 09/17/2008
    Discharge 11/21/2008

    Comment

      #3
      Homestead exemption

      We have little to no equity, so I know the exemption should cover us. (We are using the federal exemption).

      However, I thought I read somewhere about acreage limitations?

      Comment

        #4
        What state are you in?
        "To go bravely forward is to invite a miracle."

        "Worry is the darkroom where negatives are formed."

        Comment

          #5
          Vermont

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            #6
            You are lucky! You can file using either the federal exemptions or the state exemptions - whichever are better for you!

            Vermont State Bankruptcy Exemptions :: Legal Consumer.com
            http://www.legalconsumer.com/bankruptcy/bankruptcy-law.php?ZIP=05701&ST=VT&CBSA=40860&FEDCT=VT&CITY=Rutland&METRO=Rutland%2C+VT
            Detailed listing of Vermont Bankruptcy exemptions. Includes citations to specific statutes for state exemption laws and federal bankruptcy law. Exemption laws determine what property you can keep when you file for bankruptcy.
            Filed CH 7 9/30/2008
            Discharged Jan 5, 2009! Closed Jan 18, 2009
            I am not an attorney. None of my advice is legal advice in any way..

            Comment

              #7
              Homestead

              So would the acreage be included as part of my homestead? A little over 16 acres with my house. I am just concerned they will say a homestead is a house and up to 1 acre or something.

              I am in Vermont but plan on using the Federal exemptions.

              Thanks for any help.

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