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.
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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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Originally posted by nohope View Postwell, 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.)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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