What did you get to keep?

[momof3b1g]

Not just for liens, you will also pay lower taxes than if the house were not homesteaded, and I am sure there are various other reasons.

I will have to call the lawyer tomorrow. This concerns me how would we exempt that much?

[Tbornetun]

When using the MN exemptions there is over $100,000 you can exempt in your home. Federal exemptions there is over $20,000 available for your home. You will be fine.

[momof3b1g]

Ok good, i was worried.

[RedLight]

MN is fairly generous when it comes to homestead exemptions. Regardless of the market, you are safe.

[mintz]

We have about $50,000 of equity in our home. Are you saying we may be forced to sell it to pay off creditors?

[Tbornetun]

no, we are saying that there is a homestead exemption to exempt that equity.

[mintz]

Thanks for clearing that up. How do you find out what that exemption is? M home is worth about $250,000

[d80indebt]

Is there a wildcard using Minnesota exemptions?

[ThreadsSnapping]

I have been finding lately that even the taxable market value is high. Sometimes it is worth paying for an appraisall (about $350), sometimes not, depends upon the area.

You can also call a few real estate agents in your area and ask them what they think your house would sell for based on recent sales in your neighborhood. Not as good as an appraisal but it gives you a good idea as to the current value of a house. The RE agent will use a lot of the same info as an appraiser would. An most RE agents do them for free.

TS

[Tbornetun]

Is there a wildcard using Minnesota exemptions?

When using MN Exemptions, there is NO wildcard.

Mintz - I am in MN and file BKs for our clients. It is quite possible you don't have the equity you think you do. Out of all of our current BK clients, only 1 has any equity in their home. How are you coming to the $50,000 figure for equity? You may not need to exempt anything on your home. Most homes in MN are upside down right now.

Example: My husband and I are purchasing a home for half of what the value was 2 years ago.

What county are you in? A good place to start to determine the value is your counties tax website. In fact, the values are going down at the assessors office for 2009. It would be worth looking into. Many people need the wildcard to exempt their wages and checking accounts in BK. It would be great to be able to go with the federal exemptions for that purpose.

[mintz]

I live in Texas. My appraisal was just done by the city in the amount of $252,000 and we owe $180,000

[Tbornetun]

oh, Sorry, I don't know why I thought you were from MN. Sorry. Contact a real estate agent like other posters have stated. Get the real value, the city is not always accurate anyway.

[momof3b1g]

When using MN Exemptions, there is NO wildcard.

Mintz - I am in MN and file BKs for our clients. It is quite possible you don't have the equity you think you do. Out of all of our current BK clients, only 1 has any equity in their home. How are you coming to the $50,000 figure for equity? You may not need to exempt anything on your home. Most homes in MN are upside down right now.

Example: My husband and I are purchasing a home for half of what the value was 2 years ago.

What county are you in? A good place to start to determine the value is your counties tax website. In fact, the values are going down at the assessors office for 2009. It would be worth looking into. Many people need the wildcard to exempt their wages and checking accounts in BK. It would be great to be able to go with the federal exemptions for that purpose.

I wish this were true. We have 2 mortgages and only owe $101,000. We got our tax statement says taxable market value 2008 $144,900. 2009 is $161,000. We live in the country so its hrad to go by other homes sold. They did recently sell the house next to us. It was selling for $169,000. Not sure what they actually got. This is one time were having equity is not good.
We want to use federal exemptions but not sure we can. I don't have $350 for an appraisal. Especially if it comes back with saying its worth the same or close to the tax statement.

[Tbornetun]

Have a realtor do a market analysis. It may be worth it. If you are rural, they can expand their area just like an appraiser to find comps.