| If you are filing by yourself, then the homestead exemption is 10K. If you are filing jointly with a spouse, you can double that exemption to 20K.
If you have a house that has a current market value of 140K, and you OWE 100K, that leaves 40K in equity. However, you would also SUBTRACT from that 40K selling fees and any necessary repairs needed.
If you still have MORE than 10K in equity which is covered by the homestead exemption, then the house his vulnerable to seizure by the Trustee.
In that case, you could PAY the Trustee the difference to keep your house, or you could file Ch 13 instead of Ch 7.
__________________
"Knowledge is Power - use it as you see fit !
I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
| 
07-31-2005, 02:13 PM
Linear Mode
