I have a friend (who is married), title on home in both names. He is going to file a CH7, there is consierable equity in the home, but he can't touch it b/c credit is horrible. Wife will not be filing, only husband. They can keep the home (make enough for mortgage and dont want to lose equity)
MD has no homestead exemption, but there is a provision:
Maryland Bankruptcy Exemptions
Federal bankruptcy exemptions available? NO
Maryland has no statutory homestead exemption, but a court has held that a residence owned by a married couple as a tenancy by the entirety is exempt if only one spouse is the debtor.
There is about $170k in equity in the home. Does that mean that the home cannot be seized by the trustee for sale due to BK, since only Husband is filing??
A lawyer will probably be consulted, but I wanted to ask first online to see what everybody's take was.
MD has no homestead exemption, but there is a provision:
Maryland Bankruptcy Exemptions
Federal bankruptcy exemptions available? NO
Maryland has no statutory homestead exemption, but a court has held that a residence owned by a married couple as a tenancy by the entirety is exempt if only one spouse is the debtor.
There is about $170k in equity in the home. Does that mean that the home cannot be seized by the trustee for sale due to BK, since only Husband is filing??
A lawyer will probably be consulted, but I wanted to ask first online to see what everybody's take was.