[CLBS] Home With Acreage

[Ford Elsaesser]

On those facts its just the homestead,I think-ford

-----Original Message-----
From: CLBS [mailto:clbs-bounces at admws.idaho.gov] On Behalf Of Jeremy Gugino
Sent: Friday, May 03, 2013 12:01 PM
To: 'Tyler McGee'; 'Bankruptcy list'
Subject: Re: [CLBS] Home With Acreage

1.  Not without an order from the court unless there is an existing lease.
2.  I don't see how.
3.  Review the definition of "homestead" under 55-1001 - I don't remember there being a necessity element.

-----Original Message-----
From: CLBS [mailto:clbs-bounces at admws.idaho.gov] On Behalf Of Tyler McGee
Sent: Friday, May 03, 2013 12:56 PM
To: 'Bankruptcy list'
Subject: [CLBS] Home With Acreage

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

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