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illinois chapter 7

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earl618

Guest
What is the name of your state? illinois

I am filing chapter 7. I have 23,000.00 in debt. Only assets are mobile home and lot it is on. Il exempt law is 7,500.00. Property is 1986 mobile home. Value of lot and mobile home is 12,000. Will I have to lose my property? I am filing myself. Thank you.
 


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skwirl

Guest
How big is your lot? A 1986 mobile home can't be worth much. Usually a mobile home of that age has depreciated to almost non-worth. Are you sure about the value you have placed on it? I'm not being wise, just wondering. Could you get $12000 if you tried to sell it tomorrow? I'm just thinking you may be able to list this as only being worth what your exemption is. This would leave you clear for a Chapter 7. The only downside, because you are doing it yourself, the trustee may ask you how you came up with that value. You should seriously think about having an appraiser come in and tell you what they think, this way you have it on paper.
 

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