Ok I am plannig on filing chapter 7, talked to few attorneys. They looked at my most property tax statement and what I owe on my motgage. I have about $6000 equity that is not exempt. They say it can go either way since its not a huge amount of equity, that Trustee could just not bother with it or he may want to try to sell the house. What if he decides to put the house up for sale but does not get any buyers in a certain time period? Does he give me back the house? Like, is there a certain time period they try to see it and if it does not sell, they give up? My house actually is not in the best shape inside so I don't know how easy it will be to sell as it is without any repairs or touch ups that are very necessary to make it look desirable to people looking for a house.
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The 6000. equity will not even cover the closing costs and transfer taxes if the TT sells it.
Chances are, your house is safe. Also, the value of your property is what a willing and able buyer will pay for it, market value, not the tax record appraisal. -
$6000 is after my $20,0000 exemption given to me
So my total equity I have is $26,000. utah law gives me $20,0000 exemption for homestead on a bankruptcy. so that leaves $6,000 left that Trustee can take.Comment
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I was told that you have to figure in a 10% hypothetical disposal cost. For real estate and other fees!!! we have about $5,000 over our equity and we were told that we would be safe even having another $10,000 added to that amount!Comment
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If the TT wants to sell your house, he needs to pay a broker, pay the state transfer tax, the title company, the title insurance, etc. There will NOT be 6000. left for him.
Unless you have a really low priced house, like 40,000, you have nothing to worry about, promise.Comment
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