value of exempt property to much

[jkeyes]

ok been working on this bk thing for a while and my 341 meeting is aug-11-2010 . everything look good except one thing . my dad inhiereted some land and when he did he put my name and my moms name on the quit claim deed . so the proberty is worth somewhere btw 40000 and 60000
i own one third in mi you can have a 10k wild card so i ask my lawyer what to do he said we will list it at 30k value u need to list it at a fire sale price he said . so 30k divided by my dad mom and me leave me with 10k exempt . so my question is will the trustee beleave the amount or will he check on it if he does say it worth 60k will he take the property or can i give him money to keep the property and when will this come up b4 or after the 341

thanks

[justbroke]

No one can divine what the Trustee will think or is thinking. It is up to that specific Trustee that you get as well as how the valuation was performed. Most will ask "how" you reached that value. Depending on how you came up with the property value, they'll decide on how to proceed.

These questions probably won't be asked until the 341 Meeting.

[jkeyes]

has anyone had a experience with this ?

[justbroke]

The Trustee will ask you how you reached the value of the property. If they are satisfied with the valuation method, then whatever you exempted or didn't exempt will stand on Schedule B/C. If they don't like your valuation method, they will tell you that they are ordering an appraisal (or some other valuation) to find the true market value.

No one can tell you what your Trustee will think about your particular valuation.

Then, based on the valuation and how much is not-exempt, the Trustee will either demand that you pay the non-exempt value, or the Trustee will sell the property.