Homestead exemptions = Motor Homes?

[jstull]

I live in Washington and im thinking about a chapter 7 bankruptcy because my house just went into forclosure. The problem is I have about 14k in cash that I know I could not exempt. Would it be possible to use the 14k for the purchace of a motor home, and then exempt the motor home as my homestead or residence?
Does anyone know!?

[albacore44]

Not sure what your wild card is in WA, but that id one way to do it.

[lrprn]

I live in Washington and im thinking about a chapter 7 bankruptcy because my house just went into forclosure. The problem is I have about 14k in cash that I know I could not exempt. Would it be possible to use the 14k for the purchace of a motor home, and then exempt the motor home as my homestead or residence? Does anyone know!?

If you use the $14K to purchase a motor home, and then you live full-time in that motor home as your legal residence, then yes, if you file bankruptcy it will be considered your homestead.

If you buy the motor home, but don't live in it, then no, it won't be considered your legal residence and can't be counted as your homestead if you file.

So.....do you plan to live in the motor home if you purchase one?

[jstull]

Yes I would move into the motor home before I file the chapter 7. I Just want to make sure that a motor home can be considered a homestead before I go spend all my money on it. I would hate to spend my savings on it and then have it taken away through bankruptcy. I would park the motor home on my parents property and pay them xxx$ per month for power and water costs. After bankruptcy is filed and I am back on my feet, I would sell the motor home and move on. good idea?

[hereforinfo]

Someone asked this recently and if you google this question you will find that it only works in certain circumstances. For example, it must be permanently attached to a property, cannot and has not been driven recently, etc. It's iffy.

[jstull]

Would this same strategy work for a boat? in other words, could i buy a boat with my cash and exempt it as a "homestead"? obviously I would have to have it moored in the harbor and pay utility costs, etc. to prove it is my residence. I guess the question is, would a boat be considered a non-exemptible asset or an exemptible homestead?
I think it would just depend on whether or not i can prove it as a residence.

[hereforinfo]

You may be in luck. A quick google turned up info that in WA you can protect $125k in equity of real property or up to $15k for personal property used as a homestead. You would have to move in and establish/declare it as your homestead before filing. It would seem personal property should include a boat but you should definitely check with an attorney before you do anything.