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RealEstateAnswer, Lawyer
Category: Real Estate Law
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Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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RealEstateAnswer Lawyer ONLY The homestead exemption in

Customer Question

RealEstateAnswer Lawyer ONLY The homestead exemption in Connecticut allows an individual debtor to keep up to $75,000.00 of equity in his or her primary residence. Does one have to file bankruptcy to be entitled to this exemption?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 2 years ago.

If you own a home you can keep it by use of the Connecticut Bankruptcy exemption scheme. Your home's exemption is determined by the amount of equity in your home (equity is the difference between the value of the house less all mortgages filed against the home).You can elect to use the federal homestead exemption of $20,200. Or the Connecticut State exemption of $75,000; if a husband and wife file a joint Connecticut Bankruptcy petition and jointly own the home then the amount of those exemptions double. In order to keep your home you must be and remain current in all mortgage payments.

Customer: replied 2 years ago.
Good day,
What if only the husband is in the mortgage and the wife is just in the deed with him will that make any difference?
Expert:  RealEstateAnswer replied 2 years ago.

The follow up question is expanding into more detail about BK and you would need a BK expert to answer that follow up question. I do not want to share with you inaccurate information.