Hello all, I filed for bk7 a few weeks ago and I'm starting to get nervous. My question is; how likely will the trustee take our house? I filed on $40,000 of unsecured debt. I filed myself and not my wife. Our State Equalized Value is at 83,000 which would mean our house value is at $166,000 according to our county. My lawyer told me that the trustee will not go after our home; because of falling home values in Michigan. I reaffirmed our mortgage. Should I be worried or not? Thanks in advance!!!
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Is equalized value equity?
It doesnt really matter what other homes are doing, what is important is the amount of equity in your home versus available exemptions.Not only am I not a lawyer, the California BAR association has sent me numerous letters telling me not to even THINK about going to law school. In fact, the lay advice I provide is not even good. In the end remember, you get what you pay for, and here in BK land were not the best at paying. -
I'm not sure about equalized value. I know that this is one of the papers that they are requiring me to present. And this is the taxable value of our house.Comment
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what do you owe on it? But if you already filed then you must have exempted any equity in your home, right? Who filed for you?Not only am I not a lawyer, the California BAR association has sent me numerous letters telling me not to even THINK about going to law school. In fact, the lay advice I provide is not even good. In the end remember, you get what you pay for, and here in BK land were not the best at paying.Comment
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I owe 129,500 on it and my lawer filed it. Thanks for your quick replies!!!Comment
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What really matters is the amount of equity in your house and what is allowed in your state. Your attorney must feel you are alright on equity. In other words you don't have over what is allowed. For instance in my state I am allowed $30K for a couple. We are well under that which means our house is safe in a C7. So as long as you stay current on the mortgage you should be fine.
If you still worried call the attorney and ask. You will probably feel much better if you confirm with your attorney you're ok.
Good luck!Filed Chapter 7 June 4 ~ 341 July 20 ~Last day of objections Sept 18~Discharged/Closed Sept 21Comment
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Ok and what state are you in? Do you know the amount of equity is safe on your home? And where did you get the figures on value? Did your attorney get a fair market value from a realtor? Double check these things. Then if you're still worried call the attorney. You can easily find your exemptions on a search on the web for bankruptcy exemptions and then your state.Originally posted by plumbob View PostFiled Chapter 7 June 4 ~ 341 July 20 ~Last day of objections Sept 18~Discharged/Closed Sept 21Comment
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Originally posted by Priceless ProSe View Post
Not only am I not a lawyer, the California BAR association has sent me numerous letters telling me not to even THINK about going to law school. In fact, the lay advice I provide is not even good. In the end remember, you get what you pay for, and here in BK land were not the best at paying.Comment
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