《楊清泉律師專欄》HOMESTEAD EXEMPTION LIMITED BY SECTION 522(P)(Part II)
楊清泉律師事務所
HOMESTEAD EXEMPTION LIMITED BY SECTION 522(P)(Part I)
中文版
In Re Tague, the debtor and his wife purchased their home in 1998 as tenants by the entirety. In 2008, the debtor left the country to pursue an investment opportunity in Costa Rica. Prior to his departure, he recorded a declaration of homestead on the property and executed a deed of his interest in the property to his wife. The deed named only the debtor as the grantor. Upon his return to the United States in 2010, the debtor’s wife executed a deed transferring the property to both the debtor and herself as tenants by the entirety. At the same time, the debtor and his wife recorded a new joint declaration of homestead pursuant to the Elderly Homestead Statute. The debtor filed for Chapter 7 relief three months later. He claimed an exemption in the property in the amount of $500,000. The trustee objected that the debtor’s homestead exemption was limited by Section 522(p) to $146,450. Who is correct, debtor or trustee?
The bankruptcy court sustained the trustee’s objection and agreed that the trustee was correct. (Looks like debtor’s wife should not have transferred title to both debtor and herself when debtor returned to the United States. That turned out to be a big mistake. If title remained in her name only, the house would not have been affected by her husband’s bankruptcy!) “The facts warranting the application of Section 522(p)’s homestead cap are straightforward and admitted: the debtor had a tenancy by the entirety interest in the property, which he conveyed to (his wife) by the 2008 deed, leaving him with no interest in the property until she executed the 2010 deed re-conveying it to both of them as tenants by the entirety less than 100 days prior to the filing of his petition…” the court said. Lawrence Bautista Yang is a graduate of Georgetown University Law Center and has been in law practice for thirty years. He specializes in bankruptcy, business and civil litigation and has handled more than four thousand successful bankruptcy cases in California. He speaks Mandarin and Fujien and looks forward to discussing your case with you personally. Please call (626) 284-1142 for an appointment at 1000 S Fremont Ave Bldg A-1 Suite 1125 Unit 58 Alhambra, CA 91803.
中文版
In Re Tague, the debtor and his wife purchased their home in 1998 as tenants by the entirety. In 2008, the debtor left the country to pursue an investment opportunity in Costa Rica. Prior to his departure, he recorded a declaration of homestead on the property and executed a deed of his interest in the property to his wife. The deed named only the debtor as the grantor. Upon his return to the United States in 2010, the debtor’s wife executed a deed transferring the property to both the debtor and herself as tenants by the entirety. At the same time, the debtor and his wife recorded a new joint declaration of homestead pursuant to the Elderly Homestead Statute. The debtor filed for Chapter 7 relief three months later. He claimed an exemption in the property in the amount of $500,000. The trustee objected that the debtor’s homestead exemption was limited by Section 522(p) to $146,450. Who is correct, debtor or trustee?
The bankruptcy court sustained the trustee’s objection and agreed that the trustee was correct. (Looks like debtor’s wife should not have transferred title to both debtor and herself when debtor returned to the United States. That turned out to be a big mistake. If title remained in her name only, the house would not have been affected by her husband’s bankruptcy!) “The facts warranting the application of Section 522(p)’s homestead cap are straightforward and admitted: the debtor had a tenancy by the entirety interest in the property, which he conveyed to (his wife) by the 2008 deed, leaving him with no interest in the property until she executed the 2010 deed re-conveying it to both of them as tenants by the entirety less than 100 days prior to the filing of his petition…” the court said. Lawrence Bautista Yang is a graduate of Georgetown University Law Center and has been in law practice for thirty years. He specializes in bankruptcy, business and civil litigation and has handled more than four thousand successful bankruptcy cases in California. He speaks Mandarin and Fujien and looks forward to discussing your case with you personally. Please call (626) 284-1142 for an appointment at 1000 S Fremont Ave Bldg A-1 Suite 1125 Unit 58 Alhambra, CA 91803.
把此文章分享到：
關於 楊清泉律師事務所
