Re: Wife's Credit Card Debt--Lien against house??

Posted by Why Chat (209.240.205.61) on January 15, 2004 at 20:30:22:

In Reply to: Re: Wife's Credit Card Debt--Lien against house?? posted by Gus on January 15, 2004 at 17:02:00:

"Gus" is confused.
The $10,000 NY exemption only appies to the judgment debtor, not to the co-owner non debtor spouse.

Here are 2 possibilities.
House worth $100,000
Mortgage of 80,000
Net Equity of 20,000
co-owner's equity 10,000
Debtor' equity 10,000 (exempt)

This equals no risk of seizure.

However, if the net equity is a lot more than $20,000, and if it appears that even after costs of seizure and sale and paying off the mortgage and deducting the wife's $10,000 exemption,there would be sufficient to pay the judgment, then there IS a risk of losing your home.

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