Here are the facts. A married woman is filing for Chapter 7, without her husband. The house that they live in is deeded in both names, and has a value of approximately $134K. I presume this is a tenancy by the entirety, as they were married together when the house was deeded to them. In addition, there are two mortgages in both names on the house and they total approximately $64k. So there is a total positive equity in the house of about $70k.
The state is Michigan with a $34,450 homestead exemption, while we know the federal exemption is some $20k or double if jointly filed.
My questions are as follows:
1) Does the filing wife have to list the total value of the house at $134K when she has a one half interest in the house, or does she list her value in the house as only $67k? Again, husband is not filing.
2) If the answer to 1 is no, and the wife can list only her $67k interest, does the filing wife list the full amount of claims (2 mortgages) as $64K, thereby only needing to use $3K under a homestead exemption, be it state or federal?
3) How else would she protect her house and the equity in it, if the husband is not filing?
Appreciate the help, thanks.
The state is Michigan with a $34,450 homestead exemption, while we know the federal exemption is some $20k or double if jointly filed.
My questions are as follows:
1) Does the filing wife have to list the total value of the house at $134K when she has a one half interest in the house, or does she list her value in the house as only $67k? Again, husband is not filing.
2) If the answer to 1 is no, and the wife can list only her $67k interest, does the filing wife list the full amount of claims (2 mortgages) as $64K, thereby only needing to use $3K under a homestead exemption, be it state or federal?
3) How else would she protect her house and the equity in it, if the husband is not filing?
Appreciate the help, thanks.