BK & Mortgage

[mankind]

Hello all.

Just wondering how the trustee values your home?

My name is on my mother's house along with hers. I am not on her mortgage and I do not reside in the house. I believe the bank valued the house at $96,000 but they never gave her any paperwork to her she has 2 mortgages woth $93,000.

I've heard people use their property tax statement but the statement does not list the value, I believe it only lists something called mils.

I want to be sure my mother's house will be safe before I go through this.

[StaciMM]

What state do you live in & do you own any property-real or vehicles-yourself? There may be more technical answers, but if your state has enough exemptions to cover what you have and any equity you might 'own' then I'd say not to stress over it. It would be fighting with a medical biller to send it to your insurance when you're about to file on other accounts. WHy bother, you know?

[mankind]

What state do you live in & do you own any property-real or vehicles-yourself? There may be more technical answers, but if your state has enough exemptions to cover what you have and any equity you might 'own' then I'd say not to stress over it. It would be fighting with a medical biller to send it to your insurance when you're about to file on other accounts. WHy bother, you know?

I live in PA and my name is on two used cars along with my mother. Combined blue book value of about $1000 or less. My mom actually may be in the process of selling them. I'm hoping that won't cause problems.

I don't own any big ticket items whatsoever. Furniture is older than me. My parents bought it 25 years ago and it was used then. Ha

[StaciMM]

You're clear on exemptions-from what I looked up PA can use the federal guidelines... Up to $17k+ homestead exemption, up to $2775 vehicle exemption, $9k+ personal property, $925 Wild Card exemption.

http://www.bankruptcyinformation.com/exemp-fed.htm

I live in PA and my name is on two used cars along with my mother. Combined blue book value of about $1000 or less. My mom actually may be in the process of selling them. I'm hoping that won't cause problems.

I don't own any big ticket items whatsoever. Furniture is older than me. My parents bought it 25 years ago and it was used then. Ha