Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Hi - my name is I'm a Bankruptcy and Consumer Protection attorney here to assist you.
I hit the wrong key.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy and Consumer Protection attorney here to assist you.
Did you know the Georgia homestead exemption was recently increased?
You are currently allowed a homestead exemption of $21,500.
No I thought it was 21,500?
If you and your sister own the house equally, as you indicated, your home would be protected if it has less than $43,000.
Yes the home has equity of $33,000 however she owns it with her sister
Her portion of the equity is what the Bankruptcy trustee looks at, not the entire amount of equity.
OK so if I understand correctly in this example her portion of the equity would be $16,500?
(You are also allowed to subtract 5% cost to sell the house from the house. The 5% is based on the current market value, and reflects the commission that would have to be paid.)
Yes - her share of the equity is $16,500 minus 50% of the 5% that would have to be paid if the house was sold.
What is the current market value of the home?
$33,000, no mortgage
Okay, it will not make much of a difference, but you can subtract $825 from her share of the equity.
Got it, Thank you