Legal Question in Bankruptcy in West Virginia
Property
when filing for chapter7 jointly and you have real property and it is in one spouses name only can you still file jointly. seeing the case is that the property was purchased while married. can you use that for the allowment you can keep jointly .
Asked on 4/25/04, 5:28 pm
1 Answer from Attorneys
Thomas Zimmerman
Zimmerman Law Office
Re: Property
You can file jointly in any event. The filing spouse is able to exempt up to $25,000.00 equity. If the equity is more, then the question becomes contribution toward the purchase price by the non titled spouse and/or other equitable interest. If the equity is more, then the parties may be able to borrow enough to reduce the equity to an amount which can be exempted and apply the loan to exempt assets or to assets that are not part of the estate, such as IRA's.
Answered on 4/27/04, 5:32 pm
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