Will the exemption laws that are applied to the property protect the equity?

Asked almost 5 years ago - Babylon, NY

what is the exemption laws in NY Also this second house is my parents. I never paid a penny towards it only co signed the loan for them because they had bad credit.My name was placed on the deed because at the closing I was on the loan.my dad and mom are also on the deed.does that mean the equity would be silt 3 ways.I had also read somewhere the state of pa is different then NY law.I'm collecting NYS employment for six months live in ny

Additional information

I'm hoping to do chapher 7 My credit card debit is very high 85,000.00.My wife has 24,000.00 plus being out of work this long we are just getting deeper into trouble. I have gone through my saving and the credit card companys are calling.


Homestead • None. However, property held as tenancy by the entirety may be exempt against the debts owed by only one spouse.

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Attorney answers (1)

  1. Craig Dennison Robins

    Pro

    Contributor Level 14

    Answered . In New York, you can use the Homestead Exemption to protect equity in a home.

    In order to use the homestead exemption, you must own the home AND live in it as your residence.

    The homestead exemption is $50,000 per person and a husband and wife who are both on title can double the exemption to $100,000.

    If you are talking about a house that you do not live in, the trustee can take your interest and sell it for the benefit of creditors, even if your parents are living in it.

    You would probably benefit from the advice of legal counsel.

    For more information about various aspects of filing for bankruptcy, please see my Bankruptcy Blog which contains several hundred articles about filing for bankruptcy on Long Island.

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