Spouse filing separately - house question

[ScaredinPA]

I met with an attorney yesterday because I decided to file bankruptcy. (Chapter 7) Based upon my credit report, he advised that I call the credit card companies to see what accounts were joint and individual. It turns out all of the credit cards, with the exception of one, are in my name only. Therefore, my husband will not be filing bankruptcy. This is a big relief to us.

We are in PA. We own our home and refinanced last year at $172500.00, almost 100%. I think our home will probably appraise for around $195000 this year. Since I only get $18000 plus the $1000 wild card exemption, do you think the trustee will try and take my home? We own it as husband and wife. Also, if she does find that my home is worth more, can I offer a payment plan to pay the non-exempt equity so I don't lose my home as opposed to going into Chapter 13?

Thanks in advance for your help.

[crackerbear]

Well if you get $18000 in exemptions, you will probably be okay. You said you might have 22000-23000 in equity after appraisal, but only half of that belongs to you, the other half is your husband's. So that should put you under your exemption amount. Your lawyer should be able to tell you more about that.