Of course I am going to be asking my attorney the same question but I'd like to get as much information as possible. Let me see if I have this right, my state (Pennsylvania) does not have a homestead exemption, so I'll be using the federal one, right? That's 20K or thereabouts? I'm giving up my former residence (living with relatives temporarily) and need to protect about 3 acres of property (assessed at 7,500 or so but honestly not worth that in a quick sale) that I want to place a mobile home or modular on. My attorney seemed to indicate that the value is so low that it will be absolutely nothing to worry about, but I'm still concerned. Is protecting this lot going to be any problem?
Also would cash on hand/in the bank saved for the purpose of purchasing a mobile or modular home fall under this exemption or should I not be trying to save any money at this point? Is there some ballpark figure out there as to how much money is too much to have at any point in the process? I haven't filed yet, but intend to do so in very short order. And advice is appreciated.
Also would cash on hand/in the bank saved for the purpose of purchasing a mobile or modular home fall under this exemption or should I not be trying to save any money at this point? Is there some ballpark figure out there as to how much money is too much to have at any point in the process? I haven't filed yet, but intend to do so in very short order. And advice is appreciated.
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