| You can't pick and choose which debts you include, you must list them all.
CA exemptions for property are pretty generous:
"Real or personal property you occupy including mobile home, boat, stock cooperative, community apartment, planned development or condo to $50,000 if single and not disabled; $75,000 for families if no other member has a homestead (if only one spouse files, may exempt one-half of amount if home held as community property and all of amount if home held as tenants in common), $100,000 if 65 or older, or physically or mentally disabled; $100,000 if 55 or older, single and earn under $15,000 or married and earn under $20,000 and creditors seek to force the sale of your home; sale proceeds exempt for 6 months after received (husband and wife may not double)."
So, unless your equity is more than the exemption, you get to keep the house, but you'll have to reaffirm with the mortgage lender in order to keep it. You'll also have to be current on the mortgage to reaffirm.
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"Knowledge is Power - use it as you see fit !
I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
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11-18-2002, 03:46 PM
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