How to Save Your Home Equity in Bankruptcy Law: Washington State Homestead Exemption

Federal law still governs who, when, and how much of the WA state homestead exemption may be claimed. The process of claiming the exemption has a number of limits and tests to meet: are you married? if separated have you continued to live in the selected real-estate as your primary residence? Have you both? Just one? And for each spouse you need to consider for how long any of these conditions have existed prior to filing for bankruptcy. We actively plan to the maximum extent allowed under the bankruptcy law, the most beneficial handling of your bankruptcy case to exploit the maximum amount of the homestead exemption. If you can save all of the equity in your home we will do it. Or at a minimum, reach a deal or negotiate a compromise with any bankruptcy trustee who questions to amount we claimed as exempt from creditors under your chapter 7 or chapter 13 plan. Attorneys who guarantee you they can save $125,000.00 without having reviewed your situation are not the types to aggressively protect and promote your financial interests. It is also not fair to tell you right off the bat that you CAN'T take a substantial part of it even if it is unclear whether you meet the "primary place of residence" tests and other requirements. Your spouse may be able to file jointly or save remaining portions of the equity from creditors by getting her attorney to file her own bankruptcy case. It can be more complex when husband and wife have or are planning a divorce or separation. Often divorce and bankruptcy go together. Please visit the following attorney's website for those facing combined divorce and bankrutpcy lawyer in Seattle, Bellevue, Everett or Tacoma, WA.

Boris knows real-estate and bankruptcy very well. While practicing law he opened a successful escrow business and he saw the ups and downs of the real-estate and mortgage market right along with you. When the market dried up he saw what happened. If you are facing any type of real-estate issues in your potential or present bankrutpcy case, whether it be valuations, appraisals, home-equity, or exemptions: he is the optimal bankruptcy lawyer choice for you.