nihil Posted July 14, 2007 Report Share Posted July 14, 2007 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. Link to comment Share on other sites More sharing options...
momof5 Posted July 14, 2007 Report Share Posted July 14, 2007 Ask the BK atty....he would know. Link to comment Share on other sites More sharing options...
LadynRed Posted July 14, 2007 Report Share Posted July 14, 2007 It doesn't really matter, in CA it's community property so the equity value is split 50/50. Link to comment Share on other sites More sharing options...
nihil Posted July 15, 2007 Author Report Share Posted July 15, 2007 We're not married. I don't think community property applies here. Link to comment Share on other sites More sharing options...
LadynRed Posted July 16, 2007 Report Share Posted July 16, 2007 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. Link to comment Share on other sites More sharing options...
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