Legal Question in Bankruptcy in California
bankruptcy - property exemption...
the house's mortgage is only under my brother's name. However, my brother put my name and my wife's on the house deed since we live with them. If I file bankruptcy, would the trustee considers the house as my asset and forces us to sell it? Currently my brother's mortgage outstanding is $300,000 and the house market value is about $300,000. Please tell me if the judge considers it as my asset even if my brother is the only sole borrower. Thank you.
1 Answer from Attorneys
Re: bankruptcy - property exemption...
The trustee will consider one-third of the house to be your asset; but you won't lose it because there's no equity to benefit the creditors. Even if one-third of the equity were $75,000, you would still keep the house due to your homestead exemption.
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