[CLBS] Home With Acreage

[Tyler McGee]

Listmates,

What are the issues to look out for if someone files chapter 7 bankruptcy when they own a home on 40 acres? Suppose this is all one parcel and an appraisal came back showing the land and improvements were worth $250,000 and the mortgage with a $200,000 balance was attached to the whole parcel.

Could the trustee rent the acreage out for grazing or farming?
Could the trustee attempt to split the parcel?
Is there a limitation on the homestead exemption insofar as 40 acres is not "necessary?"

I'd love to hear your thoughts and experiences with this situation.


Tyler J. McGee

ROY, NIELSON, BARINI-GARCIA & PLATTS
P.O. Box 487
Twin Falls, Idaho 83303-0487
Phone: (208) 734-4450
Fax:  (208) 734-4452

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