newbie - confused

[mlp]

Hey all

I am considering filing chapter 7 bankruptcy, my biggest concern is the
possibility of loosing my home, it has been in the family a long time.

I live in Massachusetts, there is a 100,000.00 state exemption for homestead.
the property was appraised @ 300k, now worth about 265k or so.
I owe 210,800k on mortgage, equity is about 54k.

My question is; the 100k exemption is that equity value or total property value?

In other words - the house is worth 265k, my exemption is only 100k, does that mean that the trustee can use the remaining 165k for liquidation? which will mean that I loose my house.
- or -
Is the 100k exemption referring to "equity" value, in which case my house is safe?

I hope you can understand what I am trying to ask, I have been doing research on this, and to be honest, the more I read the more confused I become.

Any help would be deeply appreciated - Thank you.

[TEW]

I am fairly sure your house is safe. the 54K would be exempt. if the trustee were to take it he would have to pay off the mortgage first then owe you your exemption then pay with what ever is left. have i confused you more ?

[mlp]

Thanks for the reply...

still a lot of uncertainty.

I am the type of person that has to know facts, figures, and as much data as possible - before - I make a move.

I believe my best bet is to schedule a free consultation, then take it from there.
I wanted to go chapter 13, but I have been unemployed since May 16th, and I don't believe I could come up with repayment plan that would satisfy the courts.

Thanks

[JRScott]

The court exemption in bankruptcy is towards the equity in your property, not the total value. So yes your home if all you say is true would be safe in a chapter 7 proceeding.

[keepmine]

It appears Ma. has a $500K equity in exemption for homes.

http://www.totalbankruptcy.com/state_exemptions_massachusetts_summary.htm

[mlp]

JRScott

The court exemption in bankruptcy is towards the equity in your property, not the total value. So yes your home if all you say is true would be safe in a chapter 7 proceeding.

Yes, everything is true, thank you for your help.

Keepmine

It appears Ma. has a $500K equity in exemption for homes.

[JRScott]

What it means is that you'd still have to pay the mortgage to keep the home even in a Chapter 7 which is typical. So long as you make timely payments then you'd keep the home.