DOES A MOBILE HOME QUALIFY FOR THE EXEMPTION IN CHAPTER 7, IF VALUED UNDER $50,000?

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DOES A MOBILE HOME QUALIFY FOR THE EXEMPTION IN CHAPTER 7, IF VALUED UNDER $50,000?

I OWE MORE THAN THE HOME IS VALUED AT (ON RENTED LOT). I DO NOT HAVE A CONVENTIONAL MORTGAGE AND DO NOT KNOW IF I QUALIFY FOR THE EXEMPTION, OR IF I HAVE TO REAFFIRM, OR IF I SHOULD JUST SURRENDER THE HOME.

Asked on December 8, 2010 under Bankruptcy Law, New York

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 11 years ago | Contributor

If you're asking whether or not a mobile home qualifies as a residence on which you can claim a homestead exemption, that depends on the laws of your state and you need to consult with an attorney there.  Most states do allow mobile homes to take the same exemption as a "regular" home.

However, if you owe more than the home is worth, why do you need to take an exemption at all?  There's no equity there.

Mark J. Markus, Attorney at Law
http://www.bklaw.com/ 

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 11 years ago | Contributor

If you're asking whether or not a mobile home qualifies as a residence on which you can claim a homestead exemption, that depends on the laws of your state and you need to consult with an attorney there.  Most states do allow mobile homes to take the same exemption as a "regular" home.

However, if you owe more than the home is worth, why do you need to take an exemption at all?  There's no equity there.

Mark J. Markus, Attorney at Law
http://www.bklaw.com/ 


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