O.K...
I have posted our situation but brief recap...
Feb 26 filed
Chapter 7 asset case
we were able to protect with exemptions 3000.00. Turned over $8500.00 to trustee. He had me get cash value of my wedding ring, $1500.00 exempt...one offer was $1610, the other was $1525. Attny said worse thing is trustee would ask for $110 to keep my ring.
House, he had a realator come yesterday to assess value...long story but he pulled our home on zillow, our tax assmt was incorrect and that is part of what zillow is based off of. The other thing seems to be comps...there are huge houses in our subdivision...$400,000.00 +. He entered 4 bedroom a sq footage that was 350 sq feet too much. What came up were homes that own their land (we do not it is a single family house but run like a villa), extra bathroom, 3 car garage/side entry (ours is 2, front), brick front (no brick here)...etc. O.K...I KNOW our home could not sell for more than $265,000. With our exemptions and what realtor fees would be to sell it there may be $2000.00 in equity if it sold today and didn't sit on the mkt...we all know that will never happen. Houses like our in the neighborhood are for sale now in the $240,000.00 range...nothing is moving. I don't think he is going to look at anything and see we under valued the price in our schedules.
What I am concerned about is that if he sees any little bit of $ he will ask us to pay him out..like what my attny said could happen to the ring. All we have to start over is $3000.00...and I know we all know how scary this is and BK is not easy and it is a fresh start not a head start...blah blah!! But...has anyone heard of the trustee making the owner turn over $2000.00 or threaten to take and sell? I know the whole extra 10% they would have to sink into selling it etc...just am trying to see if anyone has any insight!!
I should know what the realtor says by first thing next week...I am not too freaked...but a bit!!
Hopeful
I have posted our situation but brief recap...
Feb 26 filed
Chapter 7 asset case
we were able to protect with exemptions 3000.00. Turned over $8500.00 to trustee. He had me get cash value of my wedding ring, $1500.00 exempt...one offer was $1610, the other was $1525. Attny said worse thing is trustee would ask for $110 to keep my ring.
House, he had a realator come yesterday to assess value...long story but he pulled our home on zillow, our tax assmt was incorrect and that is part of what zillow is based off of. The other thing seems to be comps...there are huge houses in our subdivision...$400,000.00 +. He entered 4 bedroom a sq footage that was 350 sq feet too much. What came up were homes that own their land (we do not it is a single family house but run like a villa), extra bathroom, 3 car garage/side entry (ours is 2, front), brick front (no brick here)...etc. O.K...I KNOW our home could not sell for more than $265,000. With our exemptions and what realtor fees would be to sell it there may be $2000.00 in equity if it sold today and didn't sit on the mkt...we all know that will never happen. Houses like our in the neighborhood are for sale now in the $240,000.00 range...nothing is moving. I don't think he is going to look at anything and see we under valued the price in our schedules.
What I am concerned about is that if he sees any little bit of $ he will ask us to pay him out..like what my attny said could happen to the ring. All we have to start over is $3000.00...and I know we all know how scary this is and BK is not easy and it is a fresh start not a head start...blah blah!! But...has anyone heard of the trustee making the owner turn over $2000.00 or threaten to take and sell? I know the whole extra 10% they would have to sink into selling it etc...just am trying to see if anyone has any insight!!
I should know what the realtor says by first thing next week...I am not too freaked...but a bit!!
Hopeful
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