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Notice of motion for relief from automatic stay

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    Notice of motion for relief from automatic stay

    I received a copy of the notice for motion to lift automatic stay today. I was expecting this.....but one part is confusing....
    They list the fair market value of the house, less payoffs, brokers commissions, and other closing costs resulting in a <net negative number>.

    The next line says ( Please note: From these proceeds, Debtor(s) would be entitled to be paid $15,000 representing the homestead exemption.)

    What does THAT mean??? I can't imagine they are going to pay me $15,000!

    Thanks,
    A New Page

    #2
    They would have to return up to 15K to you if there was up to 15K of equity in the house upon its sale.
    Stopped paying: 08/10, Filed CH7: 08/27/10 , 341 & No Asset Report: 10/6/10, Last day to object: 12/06/10, Discharged: 12/07/10, Closed: 12/08/10
    AHEM.....NOT AN ATTORNEY, NOT ADVICE, ETC, ETC

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      #3
      Thanks ccsjoe, that makes sense. It certainly didn't look right in the context of the document right after a large net negative number for the proceeds of the sale!!!

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