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    #1

    Is my home exempt

    I am going to file chapter 7 but i am worried that my case will turn into a asset case and my home will be taken from me. some money was givin to me from a death in the family, 30,000. with this money i bought a home free and clear. auctioned at 12,000, won the bid at 20,000. the rest of the money was used to fix up the home and make it livable. I live in detroit michigan and the homes are sold well under their value. in a good makert my home could sell for over 50,000 but in todays market you would be lucky to get even half that price. i did some comparables of homes sold similar to mine in the neighborhood, the prices ranged from 9 to 18 thousand $. My dept is a home that went into forclouser and a ford motor co. loan. with this info my question is if i file ch. 7 do you think the trustee will liquidate my home? any info will help. thank you
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    #2
    Hi Friend: I don't know if it will help, but here is the link to the Michigan Exemptions as listed in this site's Exemptions Category. Do other research on your own to verify that. This site went down hard the first part of September, and some parts of it are still in the 'rebuild' mode.

    Regards and best wishes.
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

    Comment

      #3
      yes i have seen the MI. exemption. It says that real property is exempt up to 31,000. im still not confident on that info and what the trustee will do considering my situation.

      thanks angelinacat

      Comment

        #4
        Originally posted by redmax45 View Post
        yes i have seen the MI. exemption. It says that real property is exempt up to 31,000. im still not confident on that info and what the trustee will do considering my situation.

        thanks angelinacat
        Either your home value is below the legal exemption amount or it's not.
        What does your lawyer say?
        This site uses $34K as the exemption.

        Michigan Bankruptcy Exemptions
        http://www.thebankruptcysite.org/exemptions/michigan.html
        You can protect property in a Michigan bankruptcy using either Michigan's bankruptcy exemption laws or the federal exemptions.

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          #5
          My lawyer wants me to get a appraisal on the home which i cant afford. it seems that putting my home at risk is just not worth filing ch. 7

          thanks for the info keepmine

          Comment

            #6
            If you don't want to pay for an appraisal, consider a CMA first. A real estate agent will do one for you for free. That will take some of the fear out of the equation for you. The equity exemption isn't what you paid for the house, in your case it's going to be what the house would sell for in today's market. Also, the trustee has to factor in the time, selling costs (6%?), his cut of the deal, etc into the deal before they would even think of selling the property. There has to be something in it for the benefit of your creditors. If the value is close to your exemption, there's nothing in it for the trustee.
            There are two secrets for success in life:
            1.) Never tell everything you know.

            Comment

              #7
              Yeah, get a realtor to give you an idea of what your home is worth.
              From the numbers you posted, I just don't see why you're concerned.
              It might not hurt to visit with another attorney or 2.

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