My question involves bankruptcy in the state of: California
My girlfriend and I purchased a home together with both of us on the note. I am considering discharging about 10 years of business and personal debt to the tune of 70k in Chapter 7.
Since the housing decline, our value of the home has depreciated about 150k which eliminated any equity we had. My understanding is that since this is my only home (homestead exemption) and the fact we have $0 equity in this house, it would be exempt from a forced sale at the time of filing.
1. Is this true?
2. What are (if any) ramifications to my girlfriend if I file chapter 7 and there is less then $150k in equity in the home?
3. Can I quick claim the house to her to protect the house or is this considered a no-no? She already owns 50% on paper.
4. Should I quick claim the property and wait 2 years before filiing and just ignore the creditors?
Thanks for any help.

