Hello my name is Wayne Mortensen and I am a bankruptcy attorney in Tucson Arizona.

There is an issue that has come up a couple of times and I have heard the trustees talk about it a couple of times and it is the unique issue of owning more than one home and how that pertains to the homestead exemption.

A client will come in and they will have a piece of property and they will have several residences on that piece of property.  For example, they will have the front home and then maybe they will have a back home that is completely separate and unattached and they write down the back home.  In a couple of instances, I have actually seen the trustee make the suggestion that that back home and that section of property, in this case the rental property, does not receive the homestead exemption.

You know it is real important when you go in and analyze the bankruptcy, whether it be a Chapter 7 or Chapter 13, that  you understand the exemption law and how they work with bankruptcy law and understand what the trustee may or may not go after. A lot of times people will say that the trustee has never gone after that in the past.  that’s great but that is how laws change. People go in and challenge laws and  we have found a loop hole through this and they try to get assets and they try to take things away from you. If you have a residence  and you have multiple houses or properties on that residence, it is real important to talk to a bankruptcy attorney who has enough experience in bankruptcy to advise you and tell you about what you could possibly be looking at.

My name is Wayne Mortensen and I have been here in Tucson for the past 19 years and I have done thousands of cases.  I would love to be able to talk to you about the issues with your home  and if you, in fact, have any. I hope this video has been helpful in informing you of the possible pitfalls in bankruptcy.

I look forward to seeing you in the office.

Thank you.