You should have a realtor do a market analysis. Other than an appraisal, that would be the most current value you could get. We use CMAs all the time for determining the value of a home for BK. You may not have as much equity as you think.
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I brought in a zillow printout when I first started the bk process and my lawyer said no way would the trustee take a zillow appraisal!
Another example of bk difference between trustees.
May 2008: Filed Chapter 13
Jan 2010: Plan Amended and Confirmed! finally plan funds = total funds due!
Jul 2013: 5 years done! Trustee set to discharge! Woo hoooo!
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One important question hasn't been asked yet. Brandy, which state do you live in?
With possibly only $10K in home equity, that amount would be protected by the homestead bk exemption in most states so your house could not be taken.
Never, ever take the word of just one lawyer about what might happen if you file bk. You need to talk to at least 3-4 experienced bk attorneys in your area (most have free initial consultations) before you'll have a decent idea of what's going to happen if you do decide to file.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to goComment
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