Just how complicated is an asset case?

[helpmeout]

I got an assessment of my house's value from a real estate agent today. I will get the written letter next week. The agent does know about my plan to file for bankruptcy.

I am not upside down. And my house is worth more than the exemption amount. I am not planning on keeping the house. I also plan to file by the end of February.

According to the agent, I have about $50K in equity. I am going to get a second opinion. And if that comes up just as high, I will hire someone who isn't trying to sell houses for a living and have it appraised that way.

Obviously, I don't think I will be living in my house rent free for almost 2 years while waiting for the bank to foreclose if there is equity. The bank is going to want their money. My attorney is off until Monday, so I can't ask him until then.

I am just so scared as to how this will impact my case. I had hoped to have some time to save up a deposit for an apartment with a tiny nest egg for emergencies. I am literally living paycheck to paycheck and even that is rough. I have a shut off notice for my gas, which I will be able to pay next week when I get paid. When does the merry go round stop?

[HHM]

In the circumstances you describe, it really does not make your case more "complicated" (at least, as far as you are concerned). All it means is that your case will be "open" for longer. However, you will still get your discharge at the normal time (60 days after the trustee meeting). But the case won't administratively close until the trustee sells the house and distributes funds to creditors. (this can sometimes take 9-12 months).

[helpmeout]

In the circumstances you describe, it really does not make your case more "complicated" (at least, as far as you are concerned). All it means is that your case will be "open" for longer. However, you will still get your discharge at the normal time (60 days after the trustee meeting). But the case won't administratively close until the trustee sells the house and distributes funds to creditors. (this can sometimes take 9-12 months).

While it is open and I am living in the house rent free, can I put the money that I would have been paying for the mortgage (or around there, I am negative with expenses with the mortgage by a couple of hundred) in a savings account for then I do have to move?

[HHM]

While it is open and I am living in the house rent free, can I put the money that I would have been paying for the mortgage (or around there, I am negative with expenses with the mortgage by a couple of hundred) in a savings account for then I do have to move?

Yes. You can save the money. In a chapter 7, any money you earn AFTER the case is FILED, is yours. The filing date establishes what is, and is not, part of your BK. Generally, anything you earn or get after the case is filed is yours (with the exception of inheritance).