My question involves bankruptcy in the state of: California. Here is my situation: I will be filing Chapter 7 in a few weeks. My wife and I now preside in a home which is upside down concerning value to amount owed.
Due to an ongoing battle with cancer for the last 2 years, I was financially wiped out. My wife and her sister received a home which is now a rental when their mother passed away. It was in a trust, and has still not transferred to their names. If my wife & I move into the rental and file a Homestead Exemption before we file, will my wife's equity be protected, which is approximately $70,000? Is there a time frame for residency to be eligible for the Exemption? Thanks, Don.

