How is equity in a house shared? (Oregon)

[NewPage]

I am filing Ch. 7 on my own. However, my name is on our house, which has a HELOC in addition to the mortgage. House is county assessed at $116k, but my husband (a real estate appraiser) believes that in its current condition (needs a LOT of attention/TLC) it would sell for about $100k.

I just read last night that the homestead exemption in Oregon has increased to $40k for a single person, $50k for a married couple. Presumably that means I have $40k in exemptions?

So....going off assessed value:

$116,000
-$52,500 1st
-$15,900 HELOC
=======
$47,600 equity --- would that then be "split" b/t my husband and I, resulting in my portion being $23,800?

Husband's estimate of value:

$100,000
-$52,500 1st
-$15,900 HELOC
=======
$31,600 -- same question is that then split b/t us? $15,800 each

Just looking at figures today, wondering, trying to do some pre-planning

[HHM]

I can't speak to Oregon specifically, but homestead exemptions, in general, attach to the property, not the owners.

Thus, your TOTAL exemption is $50,000.

[NewPage]

So you're saying regardless of any splitting scenario, $50k is exempted?

(Sorry, a little dense, pregnancy and all makes for reduced brain power sometimes!)

[HHM]

Correct, for "bankruptcy" purposes, the exemption is the total. Granted, on your petition, YOU cannot claim the full amount, but you husband is entitled to his half. The net result, the entire $50K is exempt.

[NewPage]

Thank you!