Effect of Spouse's Bankruptcy on Jointly Owned Land

[huckiepie]

My question involves bankruptcy in the state of: Oklahoma
I would like to know, if my husband files bankruptcy, and I am on the deed to our 10 acres in which we reside, can they take our land? In OK, I know if you live in "city" limits, they can take all but 1 acre, however if you aren't joint filing, can they take something that my name is on? Our land is free and clear... or do we need to have a mortgage on it to protect and reaffirm it?

[gigirle]

What did his bankruptcy attorney tell you?

[Mr. Knowitall]

An old thread, but not answered. I infer that this the title is in both of your names. In a common law property state, if he files for bankruptcy and you do not, creditors can normally make a claim for your spouse's share (50%) of jointly owned assets, subject to bankruptcy exemptions. If this is your separate property (truly separate, and not just titled over to you to keep it out of his name and away from his creditors), it shouldn't factor into his bankruptcy.

[Betty3]

Agree with Mr. Knowitall. In a common law (separate law) property state, the above information would apply.