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Joint owners and homestead exemption


nihil
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In CA the homestead exemption is 50k. If the house is owned by two people and only one wants to file bankruptcy how do you determine the amount of equity? Do I simply take the total equity divide it in half and apply the 50K exemption? That sounds too simple.

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K.. you didn't say, you just said 'two people' soooo....

Then your too-simple assumption is correct, take the equity, and divide it in half and apply the exemption to YOUR portion of the equity.

The problem though is that that may not protect the property - the Trustee could still get the property if the total equity is greater than the exemption.

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