When preparing to file bankruptcy, how long can I wait since I last refinanced my home? 8 Answers as of April 30, 2015

I am going to be filing bankruptcy (hopefully a chapter 7). I heard that if you have too much equity in your home it can make it more difficult. I refinanced a little over 2 years ago (taking some equity from the home). Will a judge look at that? Is that the right amount of time?

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GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Pay an experienced attorney for an opinion. You have too much to lose. This is especially true with the current real estate market. Good luck!
Answer Applies to: Colorado
Replied: 4/29/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
A trustee can look back 6 years on a refinance but the question is what did you do with the money you took two years ago. (fix your house, pay debts, buy car?) If you just paid debts or repaired hosue its probably no issue to file now
Answer Applies to: New York
Replied: 4/29/2015
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
The recency of the refinancing is not very important. In Wisconsin, if you choose the Wisconsin rather than the federal exemptions, you can protect up to $75,000 in equity. Double if you and your spouse file together. Using the federal list of exemptions, you can exempt a bit over $20,000 again doubled if your spouse also files.
Answer Applies to: Wisconsin
Replied: 4/29/2015
Stephens Gourley & Bywater | David A. Stephens
You can legally file when ever. If you have equity in your home you need to look at the homestead exemption for the state where you reside to see if your home equity is exempt. If it is not exempt, then the trustee will definitely look at it.
Answer Applies to: Nevada
Replied: 4/30/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
There is no "right amount of time" - if you took a huge chunk they might ask you explain where the money went. Consult with a lawyer whenever you have real property. You may find one at nacba.org. See the attachment.
Answer Applies to: California
Replied: 4/27/2015
    Tokarska Law Center
    Tokarska Law Center | Kathryn U. Tokarska
    Need more details, like how much was taken and what happened to it? Go over these facts with your attorney.
    Answer Applies to: California
    Replied: 4/24/2015
    Ronald K. Nims LLC | Ronald K. Nims
    The judge won't look into a refinancing where you took out cash 2 years ago. Most states have fairly large exemptions for home ownership. For example in Ohio it's $125,000 per person ($250,000 for a couple). Unless you lied on the loan application, it's not a problem.
    Answer Applies to: Ohio
    Replied: 4/24/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    The bankruptcy court will not care when or why you refinanced your home. If you have too much equity in your home, you may have to pay the excess to your trustee, who could force you to sell your home. So if this is a problem, you need legal representation by an experienced bankruptcy attorney to protect you.
    Answer Applies to: Nevada
    Replied: 4/23/2015
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