In a chapter 7 bankruptcy, is a property that I own free and clear with a partner considered exempt?
Tags: bk, business partner, chapter 7 bankruptcy, investment property, means test, Mortgage, trustee
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April 26th, 2010 at 10:46 pm
No, neither the fact that you own it with a partner nor the fact that you own it "free and clear" makes it exempt. Florida (which your screen name seems to indicate you may be from) has an exceptionally generous homestead exemption, but that is for a homestead in which you are living.
See a local bankruptcy attorney to discuss how this property may be affected by your bankruptcy filing, and also to discuss other options if the Ch 7 option does not sound feasible.