I hold real property title but.....

[privateuser]

I hold the title to a home that someone else paid for. What can I do? The property was purchased for $30,000. but is now completely gutted down to the studs with zero utilities or mechanicals installed, virtually a shell.

I am in dire straits and need to file(7) but cannot have this property taken for obvious reasons.

Thanks for any insight.
- Marty

[frogger]

What state are you in?

[newbie2]

Privateuser, you asked the same question yesterday: http://www.bkforum.com/showthread.php?t=53663

Again, you need to find out the value of the property and then see if it will "fit" in any exemptions in your state.

None of us can help until you know what it is worth (in the shape it is in)

[privateuser]

Reside in New York State.....

Wow take it easy "newbie" I was not getting too much of a response in "General" so I dropped it into what I am going to file Chapter 7 thread.

As far as "worth" sure it would be nice to have right now(not going to happen)but the meat of my question was meant to ask what is the protocol or procedure for such a scenario, if there is even one.

Thanks.
- Marty

[newbie2]

I'm sorry if I came across as harsh, but it's difficult when we see the same question asked by the same user in just one 24 hour period. You'll have threads all over the place and it is confusing to those who have tried to help, or want to add something to the advice.

As to your question again, if you can't exempt it you have to pay the unsecured creditors it's worth if you want to keep it. It sounds like you want to avoid having it taken away by the trustee, so you'll have to figure out a way to pay for the value of it. Call a couple of real estate agents in your area and see if they can provide you with a free comparable market analysis to determine its current worth.