A client/jdmt creditor asked a question re: a bankr notice he received. The FMV of the debtor's home is $350,000, subj to $300,000 first mtg. The home is owned jointly w/ wife, who is NOT filing. The debtor's individual exemption is $20,000. The debtor seeks to totally avoid the judicial lien ($50,000) based on math of prop value of $175,000 (1/2 FMV because debtor claims 1/2 interest in prop) minus full mtg of $300,000 minus exemption of $20,000, leaving no (i.e., negitive) equity. Is this proper or should the debtor be req'd to use the full FMV ($350k) - which, subtracting the mtg & exemption, leaves $30,000 of judicial lien in place??? Thanks.
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