was wondering

[boogie]

I just had a judgment filed against me from capital one, i am unemployed, but my name is on the deed to the property along with my husbands, is it to late to take it off? or will they cry fraud?

[boogie]

I should add that my name hasn't been on the mortgage since 2001. So I don't know why it's still on the title

[catleg]

You may be in a state which allows property to be titled Tenancy by the Entireties, which means the sole judgment in your name can't be attached to the property.

In practical terms it's probably too late cause if there was money at stake it could be viewed as a fraudulent transfer. Depending on your state, if you file BK under the federal exemptions you have twice as much homestead exemption that way (example: NJ).

[boogie]

Ok, Thank you for your reply. I figured it would be, but doesnt hurt to ask. I'm in MN & i dont think thats a Tenancy by Entireties state,

[LoadedGuns]

Ok, Thank you for your reply. I figured it would be, but doesnt hurt to ask. I'm in MN & i dont think thats a Tenancy by Entireties state,

http://wiki.answers.com/Q/What_states_have_tenancy_by_the_entirety_property_ownership

Sorry MN is not.

[boogie]

I did find that in MN, Homestead property is exempt up to 200,000. so does that mean as long as my propery isnt worth over that they can't put a lien on it? or does it mean that they just cant take you house ? this is how the MN law lists it

Homestead real estate.

A docketed judgment is a lien upon nonexempt real property of a debtor. (Lowe, 276 N.W.2d at 224) The most common and important real property exempted from execution is a party's homestead. That exemption is found in Chapter 510 of the Minnesota Statutes. Specifically, Minnesota Statutes Section 510.01 protects a judgment debtors' homestead from "seizure or sale under legal process." While the homestead exemption provides a judgment debtor safe harbor from execution and sale to repay most of debts, the exemption does not exist for debt "incurred for work or materials furnished in the construction, repair, or improvement of such homestead," or for services performed by certain laborers or servants. (Minnesota Statutes Section 510.01)

The homestead is defined as the "house owned and occupied by a debtor as the debtor's dwelling place, together with the land upon which it is situated . . . " (Id) However, the homestead exemption is limited as to both area and value. Section 510.02 sets out the exemption limitation:

The homestead may include any quantity of land not exceeding 160 acres, and not included in the laid out or platted portion of any city. If the homestead is within the laid out or platted portion of a city, its area must not exceed one-half of an acre. The value of the homestead exemption . . . may not exceed $200,000 or, if the homestead is used primarily for agricultural purposes, $500,000….

A judgment lien does not attach to exempt property. (Lowe, 276 N.W.2d at 224) In light of the size and value limitations, however, only part of a homestead may be exempt. A judgment lien may attach to that portion of the debtor's equity in homestead that exceeds the limitation amounts.

The homestead protections are lost if the property is abandoned. (Ries v. Thiesse, 61 F .3d 631 (8th Cir. 1995)) An owner is deemed to have abandoned the homestead if the owner intentionally fails to occupy for more than six consecutive months. (Minn. Stat sec. 510.07; Ries v. Thiesse, 61 F.3d 631; In re Hickman, 23 N.W.2d 593, 597 (Minn. 1946)) A judgment creditor must establish abandonment by "clear and convincing evidence." (Ries v. Thiesse, 61 F.3d 631)

4.

[jacko]

Actually, the MN Homestead exemption prior today is $300,000 for the past two years. The exemption amounts get updated every two years on July 1, which is the new fiscal year for the state. It is correct that your homestead property is protected up to $300,000 in equity(prior to July 1). So if your house is valued at $500,000 with a $250,000 remaining mortgage, the equity is $250,000.

In order to use the entire homestead exemption in a BK, you would of needed to live in your residence for just over three years. Here is the statue.

Before you can claim Minnesota's full $300,000 of equity homestead exemption, you have to have lived in Minnesota in that homestead for at least 1,215 days - about three and a third years. Prior to that you are limited to exempting $136,875.00 of equity, provided that you have been here long enough to use the exemptions under Minnesota statutes.

I did find that in MN, Homestead property is exempt up to 200,000. so does that mean as long as my propery isnt worth over that they can't put a lien on it? or does it mean that they just cant take you house ? this is how the MN law lists it

Homestead real estate.

A docketed judgment is a lien upon nonexempt real property of a debtor. (Lowe, 276 N.W.2d at 224) The most common and important real property exempted from execution is a party's homestead. That exemption is found in Chapter 510 of the Minnesota Statutes. Specifically, Minnesota Statutes Section 510.01 protects a judgment debtors' homestead from "seizure or sale under legal process." While the homestead exemption provides a judgment debtor safe harbor from execution and sale to repay most of debts, the exemption does not exist for debt "incurred for work or materials furnished in the construction, repair, or improvement of such homestead," or for services performed by certain laborers or servants. (Minnesota Statutes Section 510.01)

The homestead is defined as the "house owned and occupied by a debtor as the debtor's dwelling place, together with the land upon which it is situated . . . " (Id) However, the homestead exemption is limited as to both area and value. Section 510.02 sets out the exemption limitation:

The homestead may include any quantity of land not exceeding 160 acres, and not included in the laid out or platted portion of any city. If the homestead is within the laid out or platted portion of a city, its area must not exceed one-half of an acre. The value of the homestead exemption . . . may not exceed $200,000 or, if the homestead is used primarily for agricultural purposes, $500,000….

A judgment lien does not attach to exempt property. (Lowe, 276 N.W.2d at 224) In light of the size and value limitations, however, only part of a homestead may be exempt. A judgment lien may attach to that portion of the debtor's equity in homestead that exceeds the limitation amounts.

The homestead protections are lost if the property is abandoned. (Ries v. Thiesse, 61 F .3d 631 (8th Cir. 1995)) An owner is deemed to have abandoned the homestead if the owner intentionally fails to occupy for more than six consecutive months. (Minn. Stat sec. 510.07; Ries v. Thiesse, 61 F.3d 631; In re Hickman, 23 N.W.2d 593, 597 (Minn. 1946)) A judgment creditor must establish abandonment by "clear and convincing evidence." (Ries v. Thiesse, 61 F.3d 631)

4.

[boogie]

So does this mean that in Mn they can't place a judgment lien on your homestead if it's not worth the 300,000.00?

[catleg]

So does this mean that in Mn they can't place a judgment lien on your homestead if it's not worth the 300,000.00?

It does look like that is true.

[boogie]

I sure hope so, i've seen alot of posts from people who have had liens put on their property by cap1, but of course i dont know all the details of each persons case .
I'm looking for a BK lawyer and i was worried about a lien being attached while i'm looking
One BK lawyer told me i should buy a car now to help rebuild my credit after i file?