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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Thanks very much for your help to understand. In listing the

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Thanks very much for your help to understand. In listing the house as part of her debt, would it force my son to sell the home? He wants only to provide shelter for his kids (10-7-3) during this very tumultuous time.
How much equity is in the house?
Customer: replied 8 years ago.

Thank you!

Sorry it took me so long to get back to you. I'm a minister's wife and I've

been in church most of today, etc. Sent an email to my son which he returned

with following info:


1. price of newly constructed home, settlement 9/21/07: $419,000 (appraised at 427K in July 2008).

2. $336,000 1st mortgage in both names

(1st mortgage in both names as her credit was so poor he could not have

taken out 2nd mortgage.

3. $32,000 2nd mortgage in his name

4. Approx equity in home: $51K - $59K

Thank you for considering my question.


Divorice filing: 6/24/08

Custody agreement signed by both parties: 10/14/08

Child support 'hearing' 10/15/08 mediator waiting for letter notifying

of her structured settlement payments every three years; the next

check arrives 9/1/09 - $90,000. Tax free. And each check in successive

three year increments will increase by $39,000, so in 2011, the amount

will increase to $129,000, 2015 - $170,000, until 2021.




Thank you for your question. I am happy to assist you.

In Pennsylvania, a debtor can choose either the federal or the PA exemptions. PA does not provide a homestead exemption. However the federal exemptions provide a $17,450 homestead exemption per person. The exemption is calculated on the amount that the value of the home exceeds the mortgage. In your son's situation, his wife's interest appears to be half of 51 - 59 K or approximately 28,000.

For purposes of discussion, we can assume that she choose the federal exemptions. This would mean that she is over her homestead exemption by approximately $10,550. This is the amount that the trustee could claim in the bankruptcy. He could not force a sale of the home but could put a lien on it.

I hope that the information which I provided was helpful to you.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,

Please hit ACCEPT so that I can get credit for my work

Bonuses and Positive Feedback gratefully accepted!


Ellen and other Bankruptcy Law Specialists are ready to help you

Thank you so very much for your generous bonus. Please let me know if I can assist you further. Good luck to your family.

Thank you,
Customer: replied 8 years ago.

To FLAandNYLawyer:


Who is the "trustee" you mention in the second paragraph of your previous note?


The trustee is the person that is responsible for overseeing the bankruptcy case.
Customer: replied 8 years ago.

Dear FLAandNYLawyer,

Thank you SO much for this info. You have no idea how much peace it gives us...for now. It's not over yet, so - I'm sure I'll be contacting you in future. Thanks again.

You are welcome. Best wishes and I look forward to hearing from you again.