Full question:
I live in CA. But, own a house in Oregon which I am considering bankruptcy due to expense assoc. with the house. Because I am married, will that cause a problem with the house we own in Calif? Or, can I do bankruptcy without my husband on it?
- Category: Bankruptcy
- Date:
- State: California
Answer:
When filing for bankruptcy, you must complete several forms, including Schedule C, where you list property you want to claim as exempt. Exemption laws vary by state, and California allows you to choose between federal and state exemptions. In California, you cannot use federal exemptions but can use federal non-bankruptcy exemptions.
California provides two options for exemptions:
- Option 1: You can exempt real property up to $50,000 if single, $75,000 for families, and higher amounts for those over 55 or disabled.
- Option 2: You can exempt real property up to $15,000.
As a married individual, you can file for bankruptcy without including your spouse. If the debts are solely yours, your spouse's separate assets typically won't be affected. However, jointly owned property may be at risk, as the equity of the spouse filing for bankruptcy could be used to pay debts.
I recommend consulting a local attorney to review your specific situation and documents.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.