How does a bankruptcy exemption work regarding jointly titled property?
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How does a bankruptcy exemption work regarding jointly titled property?
The deed to the home I live in with my children is deeded in mine and my ex-husband’s name as joint tenant with rights of survivorship. The divorce decree stated for it to stay the same with me having the right to live in the home if he chose not to and for me to be responsible for mortgage, taxes and insurance (which I have been). If I file bankruptcy and none of the debts are joint (which they are not), would the entire equity in the house be exempt since it is deeded this way and would I then be able to use the $5000 homestead exemption on other personal assets, such as a small savings of 3k?
Asked on December 10, 2012 under Bankruptcy Law, Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Under the fact pattern that you have written about any bankruptcy filing that you would do would apply to one half of the equity in the subject real property. Under the laws of all states in this country the homestead exemption only applies to your principle residence and not to any other assets such as a car or a bank account.
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