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If a debtor who lives in the state of GA owns a home with her

sister. They both are on...
If a debtor who lives in the state of GA owns a home with her sister. They both are on the deed and own 50% of the home. The home has equity in excess of the homestead exemption in the state. My question is being that she is on the deed with her sister and therefore only owns half the home if half the equity is below the homestead exemption would the home be protected?
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Answered in 41 minutes by:
8/13/2013
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified

cfortunato :

Hi - my name is I'm a Bankruptcy and Consumer Protection attorney here to assist you.

cfortunato :

I hit the wrong key.

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy and Consumer Protection attorney here to assist you.

cfortunato :

Did you know the Georgia homestead exemption was recently increased?

cfortunato :

You are currently allowed a homestead exemption of $21,500.

Customer:

No I thought it was 21,500?

cfortunato :

If you and your sister own the house equally, as you indicated, your home would be protected if it has less than $43,000.

Customer:

Yes the home has equity of $33,000 however she owns it with her sister

cfortunato :

Her portion of the equity is what the Bankruptcy trustee looks at, not the entire amount of equity.

Customer:

OK so if I understand correctly in this example her portion of the equity would be $16,500?

cfortunato :

(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.)

cfortunato :

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.

Customer:

Thank you

cfortunato :

What is the current market value of the home?

Customer:

$33,000, no mortgage

cfortunato :

Okay, it will not make much of a difference, but you can subtract $825 from her share of the equity.

Customer:

Got it, Thank you

cfortunato :

You're welcome!

cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified
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cfortunato
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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