The Home
In Mississippi, every citizen is allowed to exempt from seizure or sale, under execution or attachment, land and improvements thereon to the extent of one hundred sixty (160) acres, not to exceed a value of Seventy-five Thousand Dollars ($75,000), after deducting any encumbrances on such land and/or buildings, including taxes and other liens. Therefore, the debtor may consider mortgaging the home to approximate any proposed equity, which, combined with the homestead exemption, would allow the debtor to keep his home. There are some jurisdictions which have unlimited homestead exemptions.
The personal residence may be conveyed into the name of the spouse with fewer liabilities.
The use of tenancy by the entirety is a special form of ownersip for a husband and wife. This form of ownership requires the consent of both spouses to transfer an interest in the house. So if title is held by tenancy by the entirety then a creditor of one spouse will not be able to obtain the property. However, the creditor may be able to file a lien and collect if the home is sold.
Alternatively, the personal residence could be encumbered with liabilities so that the net equity is $75,000 or les and fit within the
