I live in NJ and will be contacting a lawyer shortly to see what my options are. My question is how is a home value determined in bankruptcy. I have some equity in my home but not sure if it will be over the allowed exemptions.
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(lmg, I deleted your duplicate post in the other forum area. Our forum rules state to post your questions only once in the best forum so all answers are kept in one spot. -lrprn)
Most filers look for very similar properties that have sold recently in their area and use that to determine their home's approximate value. With the housing market crashing at the present time, it's particularly important to look at actual 'sold for' prices rather than what is listed as the sale price online or in flyers.Originally posted by lmg View Post
Some people have used Zillow.com, but in some areas of the country these prices don't reflect the current depressed housing market.
Do NOT use the appraised value for property taxes - those are often inflated.
If you want an iron-clad value estimate of your home's actual value, you need to pay for that from a professional home appraiser.Last edited by lrprn; 12-16-2007, 02:16 PM.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to go
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