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    Value of Home

    My head is spinning, thoroughly confused, and I'm trying to figure this out but can't - which is better for bankruptcy - the highest market value of your home or the lowest? Thanks for any and all help.

    #2
    The lowest would be much better. This keeps your equity lower. For bankruptcy, you don't want to owe less than the house is worth. You want to owe more than the house is worth, e.g., if the house is worth $250,000 and you owe $300,000, you're under water by $50,000, which is a good thing. You have nothing for the trustees to come after, and you can surrender this house easily.
    Filed August 20 341 on September 23 Report of No Distribution - September 24 Case Discharged and Closed on November 23!!!

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      #3
      I was asked for the low ball estimate.
      ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~
      8/10 - began researching bk, 9/10 - stopped paying ccs, 10/10 - paid atty fees, 11/10 - filed c7 - over median income , 12/22 - 341, 12/23/ - no distribution

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        #4
        well, i have equity in my home...... so i guess it's still better to keep the market value low (no need to do repairs, etc.)

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          #5
          Originally posted by nohope View Post
          well, i have equity in my home...... so i guess it's still better to keep the market value low (no need to do repairs, etc.)
          Yes, lower would be better. If you use Federal Exemptions, you can exempt $21,625 in equity. If you use NJ exemptions, there is no homestead exemption But, if you are married and filing alone and you and your spouse own the house as tenancy in entirety, your spouse's half is exempt if using NJ Exemptions. I have no experience with NJ exemptions, but base this on http://www.legalconsumer.com/bankrup...=NJ#exemptions.
          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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