homestead exemption in s.c.

[smbclifton]

What is the name of your state? south carolina

i am not sure i understand the homestead exemption. i am considering bankruptcy due to serious medical issues.

is the exemption the equity in my home measured by the difference i owe on my mortgage and the fair market value? (the assessed value) or the tax value, in my case, very different figures.

(i owe about 29,000. the assessed value for the last refi was 42,000 but the tax value i pay taxes on is 26,000.

thank you.

 

[anadude]

just claim your homestead exemption.

if the trustee is gonna grab it they're gonna be selling it quick, not at fair market value (that's too high) and not at tax value (that's too low) either.

it doesn't really matter what value you say your home is worth in the bankruptcy petition (as long as, it's in good faith), it's what the trustee thinks they can sell it for and turn a big enough profit (sell price - loan - exemption).