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Anyone file ch7 and keep the house

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    #1

    Anyone file ch7 and keep the house

    My attorney now wants me to file a chapter 7, since I will not have the additional income to pay the chapter 13 trustee. And despite the fact that my income is over on the means test.

    What is the trustee going to say? I can not even imagine.
    Is he going to make me short sell the home?

    I hate the uncertainty.
    Much thanks for all the support and information I receive on this forum.
    Chapter 7 filed 11/21/2008
    341 Meeting 01/05/2009
    Discharged 03/06/2009
    Tags: None
    #2
    All depends on where you live, what the exemptions are, and how much equity you have in the house.

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      #3
      This is also my situation. I have about 37k in equity and can only exempt 20k. Sometimes you can make payments on the assest but I don't know how that exactly works. One of the many things I will bring up at my first consultation next week.

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        #4
        Originally posted by larryg View Post
        This is also my situation. I have about 37k in equity and can only exempt 20k. Sometimes you can make payments on the assest but I don't know how that exactly works. One of the many things I will bring up at my first consultation next week.

        How much is the house worth? It will cost the trustee around 10% of the value to pay realtors and other fee's.. Depending on the value of the house they may not be able to sell. For example if the home is $400k, It would cost them around $40k in fee's which would be more than the $17k that is left after your exemption.

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          #5
          oh no it's only worth about 117k. I can probably get an estimate for 110K on it. But I can see what you mean if it is going to cost them 11K in fees it would be worth while for them to let me payoff the diff.

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            #6
            Larryg, when you go to your consult bring along the value of your home. You can get that from a realtor for free. Tell them what you need it for and they will e-mail it to you right away. You are looking for the quick sale value - the recent sales must be within 90 days. You may be surprized at your homes value, or lack thereof. I don't know where you are - but many of the areas values have gone down quite a bit. Don't get stuck paying for phamtom value is what I am trying to say
            Filed CH 7 9/30/2008
            Discharged Jan 5, 2009! Closed Jan 18, 2009
            I am not an attorney. None of my advice is legal advice in any way..

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              #7
              Originally posted by larryg View Post
              oh no it's only worth about 117k. I can probably get an estimate for 110K on it. But I can see what you mean if it is going to cost them 11K in fees it would be worth while for them to let me payoff the diff.
              If there is not enough in it for them then they will not want it. Dont mention you will pay the difference since you really do not need to.

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