Is my attorney correct?

[lostinflorida]

First of all, thank God for this website! I don't think I would have made it without it....

At this point, we have filed Chapter 7 on Dec. 23. My attorney emailed us our case number and a copy of the petition. I was reviewing the petition and freaked out because it lists our homestead property as only being worth $15,000.00. We live in an rv park, we bought the lot and placed our trailer on it permanently. The value of the trailer is around $15,000, but total value for trailer, land and improvements is more likely $50,000.00.

I sent an email immediately to the attorney and didn't hear back, so I called his office today and spoke with a lady who said the attorney reviewed it and said it is not a problem because it is our homestead and in Florida it is exempt for far more than that amount so we have nothing to worry about and he doesn't need to amend the petition.

I stressed to the lady on the phone that I do not want to go to the 341 meeting and find out that it is an issue and be told at that time that it will delay our case or anything....she assured me that the attorney said it is not an issue.

Any thoughts?

By the way, we owe $19,000 on the trailer, nothing on the land and we are reaffirming the trailer.

[justbroke]

If you're in Florida, it doesn't matter what the value is. Florida's Homestead exemption is unlimited (Florida Constitution Article X Sec 4).

I listed my homestead as being worth more than it actually was on my petition. I never corrected it, even after getting an appraisal showing a lower value. The problem is, that the equity is moot if you're using the homestead exemption as it it unlimited.

Follow your lawyer's instructions. They tend to know what they are doing. (In some cases they don't, but in this case, you need not worry.)

[lostinflorida]

Thank you

Thank you for the prompt reply....again, this is why I love this website. Without it, I would constantly be worrying about things for no reason. I have enough stress to deal with, I don't need to be creating more unnecessarily.
Thanks again!