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New York homestead exemption

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    New York homestead exemption

    Is this exemption doubled only when BOTH spouses file for bankruptcy?

    Thank you

    #2
    Yes.

    The wording is that the exemption applies to a "debtor" in the bankruptcy. A non-debtor doesn't receive the exemption because they are not a debtor, in the bankruptcy. However, for a homestead, the exemption would apply to the filing (debtor) spouse's interest in the property. For a homestead, it really depends on how the property is titled. There are differences between tenancy by the entireties (TBE) versus tenants in common and other ways to hold property.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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