Is my property held as tenants by entirety exempt if I file a Chapter 7?

Asked on September 10, 2011 under Bankruptcy Law, Virginia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

It is very common these days for one spouse to file bankruptcy with out the other joining in.  I am assuming that the other party here that holds the property is your spouse because most states that allow parties to hold as tenants in the entirety ( like New York) only offer it to married couples.  Each states laws differ on the amount of  equity they allow you to protect when you file for bankruptcy.  Many people who file for bankruptcy today do not have any equity in their homes. In this type of case, the house is safe so long as the mortgage payments continue to be made by you and your spouse. The bank or mortgage company or other type of lender cannot take the property - foreclose - when payments are current. This is also true when you have exempt (protected) equity in the house.  Please seek help with the bankruptcy before you decide to file.  Good luck.



Read more: Can only one spouse file for bankruptcy? http://www.bankrate.com/finance/debt/can-only-one-spouse-file-for-bankruptcy.aspx#ixzz1Xkun4LM1


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.