Got updated numbers but like I expected the assessed value is unrealistically low. I know the lawyer said call the tax collector to find out and did not say "appraised value", if it's indeed "assessed value" a 13 is possible, if it's appraised then it looks like 7 will be it and the land will be forfeited. Anyone have any experience with property, I am taking a realistic guess that appraised value or what they can sell it for is the number not assessed.
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Everything I've read indicates that it is the appraised value. We were told to either get a CMA or hire a professional appraiser. We got the CMA and had no problems or questions asked regarding the value. In our case, it was for a lien strip.Originally posted by ccmisery View PostFiled Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
Anticipated freedom party Apr 2015
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It's looking more like a 7, just not too clear on non-exempt property being worth double my unsecured debt and how that all works out. $30,000 in unsecured debt, my % of the land owned was appraised a few years ago for $60,000 so I just found out. A little outdated but probably close.
I need to meet with a few other lawyers, I'll be sure to mention it but I think what I just found answered my own question on this:
"How Can Exemptions Affect My Chapter 13 Plan?"
Last paragraph say's it all, so you basically have to pay more than you owe to keep non-exempt property that is appraised double the total debt in my case.
Last edited by ccmisery; 02-13-2013, 11:45 AM.Comment
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Originally posted by ccmisery View Post
You misunderstand. The most you have to pay in a Chap 13 plan is 100% of all approved creditor's claims, trustee fees and any attorney fees you include in the plan. The creditors don't get more than you owe them. The last 3 paragraphs describe what is known as the Chap 7 liquidation test. A Chap 13 plan must pay to unsecured creditors at least what they would receive in a Chap 7 liquidation.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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I see, so even if I owe $30,000 the payout could possibly less which was mentioned to me a few times. If I can pay that amount 100% then 7 would be avoided?Originally posted by LadyInTheRed View Post
The lawyers I met with all were not very clear on this, a few looked at their watch when I asked some questions on my land like it was too busy a topic to discuss it. I only got one good consultation that explained it but not as much as I have found from people on the forum here like yourself, thank you!
The clearest thing described to me was the list of fees by each lawyer, they have that down to a T like a menu in a restaurant.Comment
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That's correct. The most you have to pay are the claims that are filed along with attorney fees, trustee fees, and court costs. The good news is that some of your creditors MAY choose not to file a claim. In that case, you don't pay them. Really, it just seems to me that your best two options are either sell the land and settle with your creditors, or go through a chapter 7, let the trustee sell the land, discharge whatever debt remains and in either case, move on with your life.Originally posted by ccmisery View Post
You have no sentimental attachment to the land and you've already said it's been a loss to you every year so there's no good reason to hold on to it. It's your ticket out of this mess.
Whatever you decide to do, please keep us in the loop. We're here for you as best we can be and we all learn from each other.Filed Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
Anticipated freedom party Apr 2015 Comment
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I don't understand what you mean by "then 7 would be avoided." Either you file Chap 7 or you file Chap 13. Based on the information you provided and the fact that you don't care about the property and in fact find it a burden, I don't know why you would even consider a Chap 13 unless you don't qualify for a 7.Originally posted by ccmisery View PostLadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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There is some reluctance for me to allow it to fall into a Chapter 7 because I will burn my relationships in the process, if the worst happens and the trustee forces a sale of it. I read it's possible, but the other owner(s) can choose to buy my chunk at a reduced rate or deal with it being sold as a total piece of property. I have owned it a while, 25 years at least, I don't think tomorrow I will wake up and get a call from the Realtor and hear "we got a great offer" for your property.
So I do not think the trustee will be sitting around waiting for something to happen either. If it's forced into sale, which will be the case, there will be a lot of spot lights on me because the the prime price may not be reached in a fire auction.
I have to get over it and accept it, that's the hardest part.Comment
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Someone please correct me if I'm wrong but if the trustee sells this at auction, the other owner would have the opportunity to bid on it. Is that correct?? If it is, it seems to me that this would be a win-win. CCmisery gets his debt discharged, and his partner gets to buy the property for next to nothing. The only down side I see to this is the fact that you won't be able to keep the bk quiet. That's something you have to accept.
Anyone with more knowledge about this please raise your hand and share some insight.Filed Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
Anticipated freedom party Apr 2015 Comment
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I heard that can be the case, same as if you don't pay your taxes eventually it goes to auction. I do not know if the others involved would be able to buy it or be bid out by someone else? It will burn relationships and they will not be repairable, but that's how it is sometimes.Comment
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