Q: I am not going to claim bankruptcy. I am trying to protect my property from a judgment creditor. I am filling out motion
To claim exempt property form to protecy myself from a writ of execution. My question is if my house is protected by tenancy by the entireties do I have specifically write it on this form or is it protected regardless? Thanks
A:
You should fill in the information about your house and in the box below write "tenancy by the entireties". List yourself and your spouse as the owners of the property. It should be protected automatically, but list it out of an abundance of cuation. People don;t want to do this because they don;t want the creditor to see their homee quity, but guess what - they can see your home equity on your credit report anyways.
One observation - I can't tell you how many persons I have helped with Motions To Claim Exempt Property who refused to file bankruptcy, suddenly lose their spouse and have a "surprise" lien on their home. Judgment will automatically attach as a lien when your spouse passes. Reconsider bankruptcy as an option (especially if the judgment is within the first 10 years) or else be sure to make arrangements to pay off or settle the Judgment NOW. Creditors are getting much more aggressive about enforcing judgments against real estate because home values have increased so much in the last few years.
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