Brevard, NC asked in Bankruptcy and Collections for North Carolina

Q: When filling out rights to have exemptions designated form, do I have to state that my house is protected by tenancy by

The entirety or is it automatically protected if the creditor attempts to place a lien on our property. I ask because technically it's not an exemption but a form of ownership. Thanks

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1 Lawyer Answer
Cristina M. Lipan
Cristina M. Lipan
  • Bankruptcy Lawyer
  • Wantagh, NY

A: This response is assuming you are completing bankruptcy schedules.

Tenancy by entirety is not an exemption, it is only the type of ownership you have, as you mentioned.

On Schedule A/B you list your ownership interest in the Property (tenancy by the entirety).

On Schedule C (Exemptions) this is where you claim your exemption. Claim the full amount of the homestead exemption you are entitled to, regardless of the value you believe you own. If you're using software, you will need to override this as it calculates the difference.

You should speak to a bankruptcy attorney to make sure the real property is protected. Don't make assumptions.

Timothy Denison agrees with this answer

1 user found this answer helpful

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