Is my property held as tenants by entirety exempt if I file a Chapter 7?
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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 12 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
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