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Equity in property for married person filing solo.

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    #1

    Equity in property for married person filing solo.

    Ok let me see if I have this straight, I live in Maryland (duh MarylandBK ) and I am married BUT wife and I do NOT have the title of house as TBE but instead as joint tenants since we bought it when we were engaged.

    We owe $205k on house, house is worth approx $250k, so we have $45k equity NOW I am filing solo Chapter 7, so does that mean the trustee can only come after my half of the equity ($22.5k)? And with my $12k in exemptions (thanks Maryland Legislature ) Does that mean I will have to pay $10k to keep my house?

    I don't own a car, no stocks, no other property, no fancy collections of any kind. Just furniture, 3 tv's, wedding ring, dvd's, computer, basically just the normal crap we all own.


    Also does the bankruptcy court recognize the fact that to sell a house you have to pay a 5% commission so the real equity in a house would be a lot less?
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    #2
    Best to see a laywer. They will tell you.

    Comment

      #3
      Originally posted by joh View Post
      Best to see a laywer. They will tell you.
      great. rolleyes

      Comment

        #4
        The trustee does look at the costs involved and makes a decision with those factors in mind.

        45k equity is substantial, in the trustee's view.

        Your home may be worth less than you think. If you are going by Zillow, the county website and so on, it is almost certainly incorrect.

        Only an appraisal from a certified appraiser can give you a decent opinion. Even then it is still just an opinion. The market determines all, as I am sure you know.

        I am not trying to be less than helpful, but the truth is, no one knows if the trustee will want the home. And no one will know until you find out.

        An attorney is going to have better advice, maybe, but you are in for a suspenseful trip regardless.

        Good luck.
        11-20-09-- Filed Chapter 7
        12-23-09-- 341 Meeting-Early Christmas Gift?
        3-9-10--Discharged

        Comment

          #5
          Originally posted by DeadManCrawling View Post
          The trustee does look at the costs involved and makes a decision with those factors in mind.

          45k equity is substantial, in the trustee's view.

          Your home may be worth less than you think. If you are going by Zillow, the county website and so on, it is almost certainly incorrect.

          Only an appraisal from a certified appraiser can give you a decent opinion. Even then it is still just an opinion. The market determines all, as I am sure you know.

          I am not trying to be less than helpful, but the truth is, no one knows if the trustee will want the home. And no one will know until you find out.

          An attorney is going to have better advice, maybe, but you are in for a suspenseful trip regardless.

          Good luck.

          we aren't filing joint, just me. so it would be $22.5k equity in maryland you get $12k in exemptions. So that would knock it to 10K. I was wondering if the trustee takes into count the sales commission to come up with the TRUE EQUITY.

          Comment

            #6
            Yes they do look at the costs involved in selling property. If you take your $250k and use 6% commission (there are other costs as well), then you have $15k just in Realtor fees. So you are now down to 30k to be split gives you 15k equity (your share). I have an interest in my parents house and the TT looked at the house value minus mortgage minus selling costs and then divided that into my share. He abandoned (meaning he gave it back to me as he wasn't going to sell it to get my share) the property altogether. My lawyer knew he would do this.
            Last edited by NewLifeAhead; 09-02-2009, 07:34 PM.
            Filed Chapter 7: 06/29/2009 , 341 Meeting: 08/12 , Discharged: 10/16, Closed: 10/18

            Comment

              #7
              Originally posted by NewLifeAhead View Post
              Yes they do look at the costs involved in selling property. If you take your $250k and use 6% commission (there are other costs as well), then you have $15k just in Realtor fees. So you are now down to 30k to be split gives you 15k equity (your share). I have an interest in my parents house and the TT looked at the house value minus mortgage minus selling costs and then divided that into my share. He abandoned (meaning he gave it back to me as he wasn't going to sell it to get my share) the property altogether. My lawyer knew he would do this.

              finally some good news

              Comment

                #8
                am i the only married person filing solo around here?

                Comment

                  #9
                  Originally posted by MarylandBK View Post
                  am i the only married person filing solo around here?
                  I'm married and will be filing alone. Actually, I've been separated for several years.

                  Comment

                    #10
                    I also will be filing alone. Been separated off and on for years.

                    Comment

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