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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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As a follow up to my question about the home in TN that the

Resolved Question:

As a follow up to my question about the home in TN that the debtor signed over to her daughter. Being that she and her daughter both owned the home would the exemption only need to cover half the total equity? In other words if the exemption amount is $12,000 and the equity is $20,000 would it still be considered fraudulent?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 4 years ago.

WebLaw :

*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

WebLaw :

Thank you for directing your new question to me.

WebLaw :

If the interest that was transferred is within the exemption, the trustee would have no benefit in setting aside the transfer as it would not benefit creditors

Customer:

So If I understand correctly her interest is half the equity?

WebLaw :

if the exemption amount is $12,000 and the total equity at the time of transfer was $20,000, the amount of the debtor's interest is $10,000 and therefore within the exemption amount

Customer:

Thank you

WebLaw :

Yes you understand correctly that the debtor's interest is half the equity

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