Transfer but Keeping Equitable Interest, 1215 days, and Homestead
A look whether a refinance or transfer to a LLC, will, or trust restarts the 1,215 days for a homestead exemption in California
The maximum California homestead exemption now protects over $600,000 of home equity. However, there are conditions for a debtor to protect this amount in a bankruptcy. One of these is that the homeowner must have acquired the interest over 1,215 days ago. Does a refinance or transfer to a will, trust, or LLC restart this crucial timer? Let’s take a look.