Skip to content
Tax, SDIRAs & Cost Segregation

User Stats

1,206
Posts
201
Votes
Mary Jay
  • Glendale, AZ
201
Votes |
1,206
Posts

Primary residency bancruptcy protection- time frame

Mary Jay
  • Glendale, AZ
Posted Jul 30 2020, 23:13

Hi guys,

What is the time a person has to live in a primary residency in order for it to be considered primary residency for asset protection purposes?

Lets say a person is thinking they may go through a bankruptcy or  foreclosure on a rental or something like that, and lets say there is a paid off property but its a rental. So, lets say this person moves into that rental, how long does this person have to live in that rental in order for a bankruptcy court consider it as a primary residence and have it protected from creditors?

Thank you!