asset or not?

[keylow]

Hi to all I have a question that I hope somebody can answer 2yrs ago me and my current girlfriend brought a house together " we went 50/50 on everything" but the house is financed in her name only but, my name is on the title with hers do i have to list this as a asset when i file for bk if the house is financed in her name only?

[StartingOver08]

Yes you have to list it - the asset is the house, the debt is the mortgage.

[HHM]

It's an asset of yours...if you are on the title/deed in any way, its an asset. However, if you are not on the Note (i.e. you didn't sign anything with the mortgage), the lender would not be a creditor in your BK.

[keylow]

ok thanks

[keylow]

so when i file they cant go after the house?

[StartingOver08]

You have not posted enough information.

Each state has its own exemptions and some states allow you federal exemptions. You would have to exempt your portion of the equity in the house in order to keep the house safe.

[keylow]

I will be filing in balt,md and I dont think the federal the exemptions apply here. So all i have to do is exempt my portion of the epuity in the house and it will be fine? I plan to file ch7

[keepmine]

Does your half of the equity fall below what your state exempts or, in this case below the federal homestead exemption.

[Willy13]

In Maryland you only have $5000 personal or real property and $6000 wildcard as exemptions you can use towards the house. If you are married and only one spouse files, I think they can't take the house then also. No fed exemptions in Maryland. That's if all I have read is correct.