QUESTION

Can my spouse put me on the property deed to our house and claim double on the NC homestead exemption?

Asked on Jun 07th, 2021 on Bankruptcy Chapter 11 - North Carolina
More details to this question:
My spouse and I are considering chapter 7 bankruptcy jointly in NC. We pass the means test and are debts are unsecured around $50,000. Except our home we are paying a mortgage on has $53,000 in equity and my spouse is the only person on the deed and no liens. We can’t use the homestead exemption for NC because I am not a co owner but can My name also be put on the deed at the local register of deeds office? Then could we use the double homestead exemption when we file and keep our home? Or is there more to it. Our mortgage company doesn’t have a problem with it because I am not a co owner and it’s my name being added to the deed. I appreciate any help with this.
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1 ANSWER

Bankruptcy Attorney serving New Bern, NC at Stubbs & Perdue, P.A.
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Yes. You can each claim Homestead Exemptions once both of you are on the Deed.  North Cariolina also recognizes Tenancy by Entirety designation. May provide even greater protection than Homestead Exemption but requires proper language on the Deed.
Answered on Jun 11th, 2021 at 9:30 AM

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