Home equity over exemption amount?

[overthedebt]

What happens in Chapter 7 if your home equity is over the exemption amount? In my case, the exemption is $12K and my equity is $55K. Do you still get to stay in your house? So confused. Offer on the table and my atty consult is weeks away.

If I can't stay in my home, I might as well sell it while I have a decent offer available. So confused about all of this.

[overthedebt]

Hmm.. looked at tax records and my tax assessment shows only a $15K gain from my original purchase price. Do they go my tax records when assessing value?