Anybody have any experience with a living trust?

[chaostheory]

Does anyone any information for people who own their home with several other family member through a trust? That's how we own. We only own 10% of the home that we live in. The home as a whole is owned by an "irrevocable trust" or living trust. I'm worried the trustee will take the house and sell it to pay more of our creditors, therefore making our family very angry with us.

Also, we have $30,000 equity in the home. The homestead exemption in our state is $75,000 for a family. But is the homestead exemption even applicable in a Chapter 13? I've tried searching, but the only info I can find is homestead info for Chapter 7.

If we can keep the equity, it's paid back in the plan? Or no, because of the homestead exemption? Our vehicle's "equity" is paid back in the plan minus what would have been exempt in a Chapter 7, correct? So for us, $11,000 - $2550. Correct?

So confusing...

[woeisme]

the reason you don't see an equity exemption limit in CH 13 is because there is none, per se. You can have a million dollars equity and still keep the home, in theory. The twist is that the creditors must get AT LEAST as much in your CH 13 as they would have received in a CH 7 liquidation. So my mythical million dollar house can be kept, IF AND ONLY IF the debtor pays into their CH 13 the unexempted part of this equity, in your state, $925,000 since 75K is exempt. So it sounds like your equity is safe, you have 30K but can exempt 75K, so this won't be included in the plan payment.