My Name is on the Deed to my Home?

[olysan]

I live in a home that my father financed with a home equity line of credit on his home. So technically there is no mortgage. The Deed is in my name and his as well. If I file chap. 7 can creditors take the home? Will it have an adverse effect on his credit?

[justbroke]

So technically there is no mortgage. The Deed is in my name and his as well. If I file chap. 7 can creditors take the home? Will it have an adverse effect on his credit?

You need to speak with an asset protection / bankruptcy attorney!

My read is that the Deed it titled with both your names as you jointly own the property. The problem is, you probably own it 50/50. Unless there is some homestead exemption that would cover the equity your share of the entire value of the property), you are exposed.

It will not affect your Dad's credit.

What do you think the property is worth, and what State are you located in, and how long have you had the property?

[olysan]

Thanks for the reply.

I've lived here for a year.
The house is probably worth $200K
State is Missouri.

[justbroke]

Thanks for the reply.

I've lived here for a year.
The house is probably worth $200K
State is Missouri.

You need a good consult. You have, potentially $100K or more exposed. My very cursory glance at the Missouri exemptions shows $75K for exempting a homestead. How long have you lived in Missouri (which could impact it as well)?

With that, you could be $25K or more in non-exempt equity in that property. You may need to settle with the Trustee by paying $25K.

Do you know if you are tenants in common or you have some other equitable arrangement?

[olysan]

I have an appointment scheduled for a consultation on thursday.

I've lived in MO fir 30+ years.

Not sure about "Tenants in common" or other.

[justbroke]

Not sure about "Tenants in common" or other.

Just means that the owners listed on the Deed on the property in equal shares. If it's just you and your father, then it's 50% each.