Home Equity Protected from Credit Card Debt

Jan owned a house with $170,000 of equity, but had significant credit card debt and needed relief. Jan was able to file Chapter 7 bankruptcy and keep her Brownstown home despite the huge amount of equity she owned because of a rule that allows married couples in Michigan to protect their jointly owned property from creditors. This type of ownership, called “tenancy by the entireties” is only available to a husband and wife, under Michigan law, who own their property together. While there are conditions and exceptions to this rule, it worked for Jan, and remains one of the single best protections against the claims of creditors in the whole of the law.

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