Legal Question in Bankruptcy in Michigan

Bankruptcy filed as individual but house in both names

I am in over my head and have considered filing bankruptcy, most debts were obtained before I was married. However I would like to protect our family home which has both my wife and myself. I have no other assets to speak of in my name. If I file , What will happen to the house?


Asked on 3/09/98, 3:35 pm

1 Answer from Attorneys
Leonard Battle Leonard C Battle Attorney at Law

Real estate exemption

You and your wife can exempt your equity (market value of house less the remaining mortgage debt) up to $31,600 assuming that you have no other assets where you need to use the exemption. If you continue to make your normal installment payments to the mortgage holder, you and your wife can retain the house.

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Answered on 3/16/98, 10:00 am


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