I posted a few days ago but didn't get a response regarding this specific question. If we save up the cash we are not paying on mortgage, rental properties, and credit cards, can we convert that to an exempt asset by buying a cheap house or mobile home when we move? We are surrendering our current home, both rentals (which are currently up for short sale), and moving to a new state. I understand I need to use exemption limits from my home state, but will it be wrong in the eyes of the trustee to use this cash in this way? I don't want to do anything wrong, and after days of reading this board, I am not sure I would trust an attorneys advice more than I would the forum members. I do plan on scheduling a few consultations, but just want a heads up first from here.
Oh, the reason we have the cash to save is my husband is still employed, the rentals are still being rented, just not for enough to pay the mortgages, the credit cards need to stop being paid to get rentals considered for short sale. So if we can't use the cash to buy a homestead in another state, what should we do with the money?
Oh, the reason we have the cash to save is my husband is still employed, the rentals are still being rented, just not for enough to pay the mortgages, the credit cards need to stop being paid to get rentals considered for short sale. So if we can't use the cash to buy a homestead in another state, what should we do with the money?