Why do you have to bring an appraisal

[fiats3]

of your house/home to a Chapter 13 341 meeting?...

I can understand a Chapter 7, but whats the trustees angle in the Chapter 13?...

I'm not about to pay for a $350 appraisal. I don't think in all states they make you do this do they?....

What's up with that?

[Elf]

I took a market analysis. Any real estate agent can do one. The trick is finding one who is willing.

They're not making money by doing the work, so you have to beg.

Elf

[Genenco]

Some years ago, we sold moms old place, had an agent (Real estate) come by and give us one for free...I sent him a $50 Red Lobster card..

[Minnymouth]

You might be able to use a property assesment from the PVA office as to what you property is valued at....
Unless they specifically asked for an "appraisal" - if so you'll have to supply one......... at your expense, or risk your case being dismissed.

Minny

[HHM]

of your house/home to a Chapter 13 341 meeting?...

I can understand a Chapter 7, but whats the trustees angle in the Chapter 13?...

I'm not about to pay for a $350 appraisal. I don't think in all states they make you do this do they?....

What's up with that?

If you are required to bring one in a chapter 13, the reason is to help determine what you minimum payments will be over the life of your plan. Your chapter 13 plan must at least pay to unsecured creditors what they would get if you had filed chapter 7 (its called the liquidation value). Thus, if you have equity in your home that exceeds your state's exemption, then you must pay at least that amount into your plan. If you can't, your chapter 13 will be dismissed.

For example. Let's assume your home is worth $300,000, you owe $200,000 and your state's home equity exemption is $50,000. Thus, you have $50,000 of non-exempt equity. Assuming you have no other non-exempt assets, your chapter 13 plan must pay at least $50,000 to your unsecured creditors because that is what they would be entitled to in a Chapter 7.