If i am current on my home and owe more then what market value is am i correct in thinking that there is noway that i would lose my home in a chapter 7?
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I think that's a pretty fair assumption although the trustee might want to get a CMA himself just to make sure there is no equity. Although - do you think it's a smart decision to keep this house if you are so upside down? Or is it only a lil upside down?11/14/07 -filed C7
12/04/07 -case pulled for random audit.
12/18/07 -341 held: Asset case due to engagement ring & tax return.
02/19/08 - US trustee files motion to extend.
04/02/08- changed back to NO ASSET! I get my ring back and get to keep my tax return! :clapping: 04/28/08 -DISCHARGED!!! :yahoo::yahoo: 05/07/08 - CLOSED!!! -
So long as you are current on payments and there is no significant equity beyond your state's exemption, you will not lose your home in BK.
But as DRM pointed out, you really need to consider, from a financial perspective, whether it is really worth keeping the house.Comment
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I have a similiar situation. My wife and I wanted to purchase a home just in case I had to file BK. We absolutely enjoy our home. The value has dropped and we owe more than what it is worth. WE WILL KEEP IT.
Can I get an appraisal before I file and show it to the trustee? Will he still get one for him/herself?
I'd like to take the wildcard exemption so that I can have a little money in the bank.
Does anyine see a potential problem with this?Comment
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the house is a brand new home built last year.. i know that right now i owe more then what it is worth but i also know that it will come back sometime.. We love our home and buried or not we would love to keep itComment
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We are keeping a house that we bought last year, it was built new when we bought it. We are just about even on it, but we will be keeping it!CJ
341 on 8/3, determined NO ASSET
60 day wait was over on 10/3/08. Discharged 12/23/08
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