I am 79 years old. I have to file bankruptcy soon because I personally guaranteed my grandson's loan and he defaulted on the loan. The collection agency for the creditor is now suing both the boy and me, but the boy doesn't have any assets. My husband and I have a house with a lot of equity, but my husband doesn't have any debt except the small mortgage on our home. I've been doing some reading online, and this is my question. Since I'm over 65 years old, do I get that $175,000 senior citizen exemption I keep reading about even though my husband isn't filing bankruptcy with me, or am I limited to the $75,000 individual exemption? I've met with 3 different lawyers and got 2 different answers. They both seemed to know what they are talking about. I'm confused. Help! Thank you.
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