If I’m filing Chapter 7 as an individual but my husband is not filing, can I claim tenancy by the entirety as my homestead exemption?
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If I’m filing Chapter 7 as an individual but my husband is not filing, can I claim tenancy by the entirety as my homestead exemption?
On our deed from 18 years ago, it conveys the property to both of us, after our names are listed it says husband and wife.
Asked on May 8, 2014 under Bankruptcy Law, Michigan
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Under federal bankruptcy laws you as a possible Chapter 7 bankruptcy candidate can claim a portion of the allowable homestead exemption in your state based upon your interest in the residence that you reside in. If you are a tenant in common, you are allowed to claim a "tenancy in the entirety" as to this homestead exemption on your bankruptcy filing. Given the complicated nature of a bankruptcy proceeding, I suggest that you consult with a competent bankruptcy attorney in your locality. One can be found on attorneypages.com.
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