I have 100,000 equity in house and exemption is 75,000. Also car is paid for and I believe value is 10,000. Will there be any way I can keep both? I will see a lawyer in 2 weeks but am trying to get my thoughts together. Depending on this I will try for chapter 7.
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The solution is commonly referred to as Chapter 13.Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick -
How did you arrive at the value of your house? Most people think their house is worth more than it really is. Ask a few realtors to give you an estimated value based on sales in your area. You might be surprised at what it is worth.Originally posted by alironz View Post
If you car has more equity than the exempted amount you will have to pay the trustee that value to keep it. We had 4k of equity in car and had to sign a 12 month note to the trustee to pay him for the equity.Wife Laid off - 11/16/2009 Missed First Payments - 12/5/2009
Filed Chap 7 - 12/31/2009
341 - 2/12/2010
Discharged - 4/19/2010
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Per our attorney, you would have to have a nice amount of equity for the trustee to want it, because they have to pay your exemption, then fees, then a real estate commission, so after all that if it only a few thousand it is not worth there time! I am only stating what the attorney told us!!!Comment
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