House and equity in house, exempt???

[sophie]

Hi again!

I should hire you guys as my lawyer! I'm in PA and I had questions before about keeping my home. Someone sent me this link to read about PA exemptions and under homestead it says none. Then says this:

None, however, property held as tenancy by the entirety may be exempt against debts owed by only one spouse

Does this mean that if debt is only in one of our names our home is exempt? Does that also mean that the equity in our home is also exempt and won't be included in our payback plan?

Or am I totally off base here.

Thanks!!!

[lrprn]

I'm in PA and I had questions before about keeping my home. Someone sent me this link to read about PA exemptions and under homestead it says none. Then says this:

None, however, property held as tenancy by the entirety may be exempt against debts owed by only one spouse

Does this mean that if debt is only in one of our names our home is exempt? Does that also mean that the equity in our home is also exempt and won't be included in our payback plan?

Or am I totally off base here.

Thanks!!!

Sophie, our very helpful posters and moderators aren't lawyers and I for one would hate to give you an incorrect interpretation of a specific PA statute when the right answer is so crucially important to what needs to go on your forms. Have you had your free consultation with at least one PA bk lawyer yet? That's the best way to get a 100% reliable answer to your question. (And if having my amateur educated guess helps, then I think you are reading the statute correctly. Please come back and let me know if I was right, ok? )

[aa06a47]

lrprn is giving you some good advice. PA seems to have some tough homestead exemptions ..$300 bucks, give me a break...

You might be entitled to use federal exemptions in PA, but I am not sure. You definatly need to consult with an attorney.