What if your homestead exemption is $15,000 and you have about $200 more equity in your home than you are allowed to exempt. What happens? Can you just pay the trustee the $200 or do they foreclose on you? Chapter 7.
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Houses are especially troublesome for Trustees. They cost a lot to sell. Linger on the market. If the Trustee is gonna do anything, it's more likely he/she will offer to settle with you than seize the house over that small of an amount.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen... -
Thanks, Sinkingfast. You are always a wealth of information.Comment
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