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Richard
Submitted: 8 years ago.Category: Bankruptcy Law
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4/5/2009
Bankruptcy Lawyer: Ellen, Attorney replied 8 years ago
Ellen
Ellen, Attorney
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Customer reply replied 8 years ago
Okay, we now live in Illinois but under the 720 days. My wife wants to file Chapter 7. We own a house together and New Mexico exemptions apply.
The scenario. What will the trustee do? Our house might sell for $340,000. Our loan amount is $252,000. My wife would get a $30,000
homestead exemption. The trustee would have to pay the 5% real estate sales fee plus some closing cost of say $21,000. Since I own half interest what is my 50% that can not be touched? Trying to find out if the house would be at risk if files. Thanks.
Bankruptcy Lawyer: Ellen, Attorney replied 8 years ago
Is the house in NM or IL?
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Customer reply replied 8 years ago
Illinois
Bankruptcy Lawyer: Ellen, Attorney replied 8 years ago
Hello,

Here is the exemption for homestead as per NM statute:

42-10-9. Homestead exemption.

Each person shall have exempt a homestead in a dwelling house and land occupied by him or in a dwelling house occupied by him although the dwelling is on land owned by another, provided that the dwelling is owned, leased or being purchased by the person claiming the exemption. Such a person has a homestead of thirty thousand dollars ($30,000) exempt from attachment, execution or foreclosure by a judgment creditor and from any proceeding of receivers or trustees in insolvency proceedings and from executors or administrators in probate. If the homestead is owned jointly by two persons, each joint owner is entitled to an exemption of thirty thousand dollars ($30,000)

It appears that your house has equity of $67,000(340-252-21). Provided you own the house jointly with your wife, the value of each half interest is 33,500. Since the exemption is 30,000, your wife may need to pay into the court $3,500 to purchase the trustee's interest in the house.
Ellen
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