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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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If a debtor in Illinois is married but legally separated and

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If a debtor in Illinois is married but legally separated and owns a home and her name is XXXXX XXXXX name on the deed. The home has equity of $22,000 and the homestead exemption in the state is. Illinois Homestead Exemption Real or personal property including a farm, lot, & buildings, condo, co-op, or mobile home to $15,000 (husband and wife may double) My question is being that she is still married can she double the exemption and protect the home? She will be filling separably.


cfortunato :

HiCustomer

cfortunato :

The answer depends on whether any of the house's equity belongs to the husband - in spite of the fact that the deed is in the wife's name only.

cfortunato :

This would depend on when the house was purchased, and what funds were used to purchase the house.

cfortunato :

Each spouse is entitled to a $15,000 exemption - which can be applied to the equity belonging to each spouse only.

cfortunato :

If the entire $22,000 equity belongs to the wife, she cannot double the exemption to protect the entire $22,000 equity.

cfortunato :

This would be so even if she were filing jointly with her husband.

cfortunato :

The key is how much - if any - of the house's equity is marital property, and how much - if any - of the equity is separate property.

Customer:

Thank you

cfortunato :

You're welcome!

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