The homestead exemption for protecting equity in real estate that you own clearly applies to a traditional house build with a permanent foundation constructed on a parcel of land. But whether it applies to trailer or mobile home depends on where you live. If you reside in California, the exemption does apply and can be claimed for your trailer or mobilehome. In California, both a trailer and a mobile home, just like a house permanently built on a permanent foundation, qualify to receive all of the benefits of the homestead protection.
How Can I Claim a Homestead Exemption for a Trailer or Mobile Home?
When you file bankruptcy in San Diego, the property you get to keep is dictated by California's set of exemptions. California has 2 sets of exemptions: (1) the California exemptions; and (2) California's Federal-like exemptions, which I will refer to simply as the Federal exemptions. Both the California exemptions and the Federal exemptions have a homestead exemption, that allows you to keep a certain amount of equity in your home when you file bankruptcy.
California Exemptions
The California exemptions specifically allow you to claim any real estate or personal property where they live as a homestead. The exemption states that it applies to any "dwelling" (a place that you live), and further states that a dwelling includes, but is not limited to, a mobile home, together with the land on which it sits. The intention of the statute is to include any real property or personal property, just like the Federal exemptions. So a trailer is covered by the exemption as well. When you file bankruptcy, your lawyer can claim the California homestead exemption for your trailer or your mobile home.
Federal Exemptions
The Federal exemptions specifically state that you can claim a homestead exemption for any real property or personal property that you use as a residence. Real property is a term lawyers use to refer to real estate, whether the real estate is developed with a house or other structure situated on it, or even if it is just undeveloped, raw land. Personal property is a term attorneys use to refer to any asset that you own other than real estate. For example, your car, a motorcycle, your personal belongings, a camper, a trailer, etc., would all be your personal property. Even the Federal exemptions, just like California's Federal-like exemptions, provide for a similar homestead exemption. This is important because if you have not resided in California for the past 2 years, the exemption laws of a different state may apply, or the Federal exemptions may apply.
Your San Diego Bankruptcy Attorney Must Claim Your Exemptions
When you file bankruptcy, your attorney must claim the appropriate exemption in order for you to keep your property where you live. So if you live in a trailer or a mobile home in the greater San Diego area, you can claim the homestead exemption for your trailer or mobilehome, so long as your lawyer claims the proper exemption that is applicable to your situation. With the help of an experienced attorney, you can file bankruptcy San Diego and keep your trailer or your mobile home.
