Homestead Exemption

[deanrusk]

I have a condo valued at 195000,owe 141000,exemption 40000.If the trustee can get 195000 out of the condo,would the creditors get 14000 and i get the 40000??

[hhou812hh]

That sounds about right. Assuming they would get the 195,000 They would take it and sell it usually at an auction, give you your exemption and use the proceeds to first satisfy the secured creditor, then the rest to satisfy your unsecured creditors.