I live in GA and I met with an attorney for the first time today. She mentioned to me that in order for my husband to qualify for Chapter 7 that we couldn't have anymore than $10,000 in equity but if the both of filed then we can't have anymore than $20,000. I hope I am quoting this right. My question is this...how do we find out the value of the house? Do I go by my last appraisal when I purchased the house or do I get the value from somewhere else such as the tax assessor's office? Thanks for the info.
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I'm not in Georgia, I am in Indiana, but my attorney told us we had to get an "opinion of value" from a local realtor. He gave us one that would do it for us. Not sure if it costs or not because I haven't called him yet.
This could vary per state. Might want to call your attorney back and ask. -
The value you use is "current market value", as for specifically how you go about coming up with that depends on how much on the bubble you are for the equity exemption. Most people simply make an "educated" guess. But if you are close on the equity exemption, you can ask a realter for "comps" (comparable sales).Comment
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Call up a couple of Real Estate Agents. Act like you're thinking of selling your house. They'll figure the value of yours based on Comps.
Comps are comparable homes, near you, that have sold and closed within the last 6 months to a year tops. If you live in a rural location, Comps may come from a few miles a way. In suburban settings, Comps are generally located within a mile of your home.
The equity you need to protect with you Homestead Exemption is,.........
Fair Market Value, less reasonable costs to sell, less mortgage owed equals your Equity.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...Comment
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We used the tax appraisal only because it was done 1 week before the filing so it was very currentSometimes life make you deal with ugly and hateful people ,just think of them as sand paper. They may scratch you and rub you the wrong way but eventually you end up smooth and polished and the sand paper becomes old and worn out.Comment
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The only problem with Tax Appraisal Value, is that in many states, the "taxable value" of the home and the "market value" are vastly different. The BK code requires current market value. However, given the depressed nature of the real estate market, odds are, the taxable value and market value are much closer than they were a year or two ago.Originally posted by familyof7 View PostComment
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Just be aware that it may depend upon your trustee. Our trustee requires a full appraisal done by a professional appraisor.
Your attorney should be able to tell you what the trustee for your area accepts or requires.
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