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amylovelace · Joined: 12 Mar 2010 Posts: 1 1.42 Dollars($)

Due to a recent divorce my ex-husband quit claimed the house to me but he is still on the mortgage. I cannot qualify for a refinance so we're leaving it as is and I hope to remain in the house as long as possible. There is no equity in the house. If he files bankruptcy can he still use what was his portion of the homestead exemption to offset some cash he has on hand? Also, he had bought me a car 5 years ago that I drove and maintained but he had never transferred the title to me until we decided to divorce. I forsee us both filing bankruptcy in the near future. As far as the bankruptcy goes, who will they say the car belongs to? I realize they don't like transfers like these before bankruptcy but there is no equity in the house so they can't say it's to protect anything and the car is only worth about $3000-$4000 so we don't care who has to show it but, nevertheless, we want to plan ahead so we know who will be able to claim what exemptions. Thanks much.

adonis · Posted: Sat Mar 13, 2010 12:31 am Post subject:

Hi amylovelace,

As the property title is in your name, then it will be considered as your asset while you file bankruptcy. Similarly, as the title of the car is in your husband's name, then it would be considered as his asset. Depending upon this, the lender will sell off the property and use the cash in order to pay off your creditors.

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can ex-spouse use homestead exemption in bankruptcy?