Declaring Bankruptcy In Michigan
Is the property with interests held by me and my wife exempt from bankruptcy only if presented against my debt?
Michigan Living and the entire debt is my name. My wife and I lost our job and obviously can not meet our bills. We have a plot of land in our name with a some equity in it. If you declare bankruptcy, if the equity is protected by owner and i.
It depends on how the property is sold. If you have this tenant "By the entireties" property can then be used by the bankruptcy court unless you have DOS. If the property is sold as a condominium or by the entireties when there is a danger to lose. If you have low equity, then you may be able to protect through agricultural exemptions in the state. Only necessary to protect half of the capital because it can not take his wife if the capital did not file. For example, suppose your interest in the property is $ 6,000, will only to submit a work to protect the $ 3,000 because the other $ 3,000 of capital belonging to his wife.
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