Possible Bankruptcy in TN

[darlton]

I have a quick and hopefully straight forward question, i am in TN. My wife has credit card debt in her name only. She has mentioned at one point about filing bankruptcy. She is not good with money, especially credit cards.
The mortgage to the house is in my name only, but in TN, both names have to go on the deed.
Do you think that my house would be in danger if she filed Bankruptcy?
I keep the mortgage payments up to date.

Darlton

[SunshineGal]

It depends on how your house is titled. See the link below.

http://www.thebankruptcysite.org/exemptions/tennessee.html

Homestead

26-2-301 - $5,000; $7,500 for joint owners. Tenancies by the entirety are exempt without limit as to debts of one spouse [In re Arang. 136 B.R. 740; affirmed 992 F.2d 611 (6th Cir. 1993)]. Spouse or child of deceased owner may claim. May also claim a life estate or a 2 to 15 year lease. If over 62 years of age, $12,500 for single people and $20,000 for married people; $25,000 if spouse is also over 62 years of age