questions on a homes value for a chap 7

[ilove7chapters]

Hi all, I think I understand a lot now that Ive been reading here and its my 2nd bk7 in 10 years(it just came off my credit 2 months ago). So I'm married in Illinois and I'm filing separately(wife is not at all). Most of the debt is s corp related(but you all know its all personally guaranteed) so I will let that dissolve and file personal. I have a house I bought 1 year ago for $420,000 and owe $350,000. All other debt is unsecured (except for 2 new cars, 1 I'm giving back and obviously backwards on both). I got 2 realtors to come over, 1 from Remax, one Century 21 for a low as possible appraisal for proof of no assets. Is that the only proof I need for a home value, besides possibly bringing the tax records and/or Zillo.com. A homes value today is any ones guess. My credit cards all have the magical 6 months of min. pays. and all available credit used up. I will start asap to open a new corp and stop using the old corp. Again with the home value, has anyone a oppinion on how you can determin a homes value for the bk. They would appraise it as low as $300,000 to as high as $500,000(obviously Ill take the papers from the lowest of them...Please anyone give me your input on your situation. Thanks very much, I will respond to and questions or comments right away...Thanks

[Dollar Bill]

Interesting name!

I believe (as I will do next week) the best thing to do is to get a TRUE appraisal. One that could be used for a lender. Many homes are upside down. It seems you may have a bit of equity. Last year you would have had 70k in equity. zillow.com I heard are close but may come in a tad higher. A certified appraisal will take so many more items into account.

Do you have a slight foundation problem? Any items that would affect the value?

A trustee can always get his/her appraisal done if they feel there would be enough equity in your property to go after.

A strong appraisal upfront can make a statement. "HEY THERE IS NO EQUITY HERE!"

[JRScott]

Rather than going with the low value and taking a risk I'd get a certified appraisal as the person above suggests.

It is likely your home is not worth as much as you think and the trustee is less likely to question a certified appraisal.