Home in Ch. 7

[BC7114]

Quick question:

I am planning on filing CH 7 in August. My only concern is being able to keep my house, due to it being on family land that was deaded to me. The house appraised for $96K in 2002 (I know it wouldn't appraise that high these days). The tax records have it appraising at $51K. I owe $77K and Alabama gives me a whopping $10K in exemption for me and my wife (filing joint). So the house would have to appraise for over $87K for them to get anything out of it to pay creditors. My question is will the TT look at the tax records and what I owe on the house and not question it at all? Or will he want me to go get an independent appraisal? I live in the sticks so websites like Zillow dont work for me. I anyone ever seen a TT ask for an appaisal or will they generally go by the tax documents?

[phoenixrisin]

Our lawyer asked us to get a "market analysis" today. We need to get it done before the 341 meeting.

Basically the same thing they do when you are trying to finance a house right? Compare it to 3 other similar properties, and then give a value for yours.

Sad thing for me is we guessed (w/help from zillow) that our house is worth $166k, but we owe $209k. We just pulled the last comps that were done last year- more like $120k. OUCH!