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What does this mean....house exemption in MN....

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    What does this mean....house exemption in MN....

    "The exemption for a homestead is limited to $125,000 if the property was acquired within the previous 1215 day (3.3 years). The cap is not applicable to any interest transferred from a debtor's previous principal residence (which was acquired prior to the beginning of such 1215-day period)"

    I bought my house 2 years ago for $138,000. Market value on my property taxes is $140,000.

    I'm hoping to file chapter 7. Will I be able to keep the house? I've never been behind on my mortgage payments.

    #2
    Oops I misread initially.

    To determine how much equity you have in the home to exempt you need to get a current up to date appraisal. Do not use your tax bill to do this, get a real estate appraiser to do it.

    Next take that value and subtract it from the loan. That is how much equity you have. So long as it is less than 125000 dollars (and I'm pretty sure it is) you should be fine

    Ask your lawyer to be sure
    Last edited by JRScott; 07-05-2008, 07:14 AM.
    May 31st, 2007: Petition Filed by my lawyer
    July 2nd, 2007: 341 Meeting Held
    September 4th, 2007: Discharged and Closed.

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      #3
      Yeah, I'll be fine. I don't have $125,000 in equity!!!

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