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earl618

Guest
What is the name of your state? illinois


i am filing chapter 7. my question is, i am on ss disability. i have

$18,000.00 in debts. i have a mobile home and lot paid for. value

$15000.00,. will i be able to keep my home?


thank you.
 


Ladynred

Senior Member
Bad news.. IL only allows $7500 exemption for a mobile home, so you're over the limit considerably. However, the question is what are you using for the value of the mobile home and land ? Mobile homes depreciate something awful, the parcel of land is another thing. Do you know what the assessed value of the land is ? You could try calling a Real Estate person and ask them to give you a quick-sale value, it will most likely cut that 15G's considerably to something that might let you keep your home.
 
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earl618

Guest
Thank you Ladynred.

The assessed value on the lot , garage and shed is 3175.00 The mobile home is a 1986. value 4000.00. Is this what i will use as real property value. I am filing this myself. I can not afford an attorney. I have 8300 in unsecured debt and 10,000.00 on a secured debt, auto.

thanks again.
 

Ladynred

Senior Member
In this case, the assessed value would work, the Trustee may ask how you figured the numbers, so that would be acceptable. You still might want to go the Real Estate Agent route and see what they would give you for a quick-sale value, and see if they'll put it in writing for you. If its lower, then use that and you should be able to get it in within the exemption amount of $7500 so you can keep your home.
 

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