QUESTION
can a spouse file bankruptcy for credit card debit without losing jointly owned home in PA?
Asked on Sep 21st, 2011 on Bankruptcy - Pennsylvania
More details to this question:
jointly owned home has $150,000.00 in equity but would never qualify for any type of secured loan.
1 ANSWER
William/J Joanis
You have Tenancy by Entirety in PA, so if only one spouse owes the money, the property is safe. Otherwise, there is no homestead exemption under PA law, so you'd only have the protection of the federal exemptions, which would cover a little over $40,000 of the equity,
Answered on Apr 01st, 2012 at 2:55 PM