QUESTION
Can a travel trailer be used as a homestead exemption or will it have to be factored into the personal property allowance?
Asked on Feb 03rd, 2016 on Bankruptcy - Ohio
More details to this question:
My wife and I had a falling-out financially last year and were forced to move into a travel trailer with our 1 year old and our 2 dogs. If it wasn't for this trailer and our truck that pulls it, we would be homeless. We stay currently on a friend’s property for free. We want to file for chapter 7 and get a clean fresh start. Our worry is that we cannot lose our trailer our truck or we will be screwed. We have no money to get back into a rental property. Real property held as tenancy in the entirety: seems to me to be defined as immovable property, used as a full time tenant of, and we own it fully with title.
3 ANSWERS
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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In the Western District of Wisconsin (and likely other districts as well), a travel trailer which is your actual residence can be exempted under the homestead exemption.
Answered on Mar 07th, 2016 at 5:49 AM
Saying that you are worried about getting screwed is probably not an appropriate way to express yourself to any attorney in an online forum. It makes you look paranoid and to many, it is offensive language. I have handled many cases in which motor homes or travel trailers are claimed in bankruptcy as protected by the homestead exemption. But you have to know how to dot the Is and cross the Ts correctly for the homestead to be recognized under Nevada law. The county recorder has a homestead form you can download, but you must complete it carefully to meet the requirements of state law.
Answered on Mar 07th, 2016 at 5:49 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Ohio's homestead exemption covers both real and personal property. As long as you're using it as a residence. So you won't lose your trailer.
Answered on Mar 07th, 2016 at 5:48 AM