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  1. #1
    Join Date
    Oct 2007
    Posts
    7

    Default Keeping My House Through Bankruptcy

    My wife and I are doing our best to take care of our debt but with a failing business, it's not looking good. Some debtors are working with us, others are not and won't budge from 35% interest rates and minimum payments we can't afford. We have been able to hold off any legal action so far but the problem is getting worse not better. We may have no choice but to file bankruptcy.

    We are in PA, and I found a an exemption when it comes to the Homestead. It states that their is no exemption, however, property held as tenancy by the entirety may be exempt against debts owed by only one spouse

    Most of the debt is in my wifes name. Does this mean that if she files bankruptcy for the debt that is in her name that we would be able to keep the house?

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
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    98,846

    Default Re: Keeping My House Through Bankruptcy

    I think you misunderstand Pennsylvania's homestead exemption. What did you read, and where did you read it?

  3. #3
    Join Date
    Oct 2007
    Posts
    7

    Default Re: Keeping My House Through Bankruptcy

    I found it on the chart at the bottom of this page, it's the first item in the chart

    http://www.pennsylvania-bankruptcy.com/exemptions.html

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Keeping My House Through Bankruptcy

    If we're to assume that it is titled to the two of you as tenants by the entirety, it would appear so.

  5. #5
    Join Date
    Oct 2007
    Posts
    7

    Default Re: Keeping My House Through Bankruptcy

    Does that simply mean that we both own and occupy the house or am I misunderstanding it.

  6. #6
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Keeping My House Through Bankruptcy

    It refers to how the house is titled.

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