Q: My mother died last year. My dad added me to the deed to keep everything out of probate if anything happens to him.
The house is paid off free and clear. I was in a wreck after losing insurance cause husband has cancer. I need to file chapter 7. Will anything happen to my dads house will it stop me from filing. Also how long do you have to live in a house before filing.
A: It doesn't sound as if the house is your primary residence, so the homestead exemption does not apply. Therefore, if you filed for Chapter 7 bankruptcy, one half of the value of the home is subject to liquidation. On the other hand, if the residence is your primary residence, then the homestead exemption would apply to your one-half interest. Value of the residence would need to be determined to answer the question of whether there is any unprotected equity of your interest.
A: One half of dads house owned by you would be property of the bankruptcy estate. If the homestead exemption applies, you would be able to apply it to your equity in the home.
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