Will the bankruptcy court take the home? 7 Answers as of March 24, 2011

I filed bankruptcy last year, my spouse did not. Because I foreclosed on a home, to have somewhere to live a home was purchased cash by my husband and he put my name on the deed. My bankruptcy was later discharged, however not due to the home but because it was time for discharge. Now my husband needs to file will the court take the home? It was purchased for $26,000 and is worth about $46,000.

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Financial Relief Law Center
Financial Relief Law Center | Mark Alonso
It really depends on the exemptions in your state. If the equity is protected, the home will be fine in bankruptcy. If the equity exceeds your state's exemptions, he may have to pay the difference to the Trustee, or the court may sell the home. Be sure to check on your state's bankruptcy exemptions and with an attorney to make the home will be protected.
Answer Applies to: California
Replied: 3/24/2011
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
That depends on what exemptions your husband has available under applicable laws in his case. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
Answer Applies to: California
Replied: 3/22/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
It depends on where you live. The "homestead exemption" is different in every state. You need to consult an attorney.
Answer Applies to: California
Replied: 3/22/2011
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
I'm assuming you used an Homestead exemption to shield it from BK. Depending on your state, you were allowed to keep your property to the extent it was exempt. If your state is an Opt-out state, you may have used the Federal exemptions which is $21,625.00. If you did not use an exemption, this sounds like it may have been fraudulent transfer.
Answer Applies to: Washington
Replied: 3/22/2011
Ferguson & Ferguson
Ferguson & Ferguson | Randy W. Ferguson
If you have an attorney you must ask them. That is why you paid them.
Answer Applies to: Alabama
Replied: 3/22/2011
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    This Depends on your state's homestead exemption. Most states have about $100,000 in a homestead exemption. Thus, he should be fine but he needs to check his homestead exemption.
    Answer Applies to: California
    Replied: 3/21/2011
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    It is possible that the home could be lost in foreclosure, however it might be possible to save it. Please contact me for a free consultation.
    Answer Applies to: California
    Replied: 3/21/2011
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