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House Appraisal


maekenzie
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Hi, I was wondering if anyone could help me with a few of questions.

1. When you file Chapter 7 and the house needs to be appraised who handles the appraisal the trustee or the person filing?

2.Do you have to have a formal appraisal done or can it be an estimate? How would you go about figuring a liquidated appraisal?

3. Also, given our current circumstances we have been forced to move in with family and lease our house out to a tenant, how would this effect our bk?

4. I'm also an adminstrator over an estate, how would this effect me filing bk? For example, what time frame can an inheritance be considered in a bk?

5. I understand that it takes about 90 days for a bk to be discharged, once discharged can a bk be overturned for a period of time?

Thanks in advance for your help,

Maekenzie

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1. When you file Chapter 7 and the house needs to be appraised who handles the appraisal the trustee or the person filing?

Get your own appraiser and have it ready for your lawyer or the Trustee. You don't want the Trustee doing it.

2.Do you have to have a formal appraisal done or can it be an estimate? How would you go about figuring a liquidated appraisal?

Call a real estate agent and ask them to give you a 'walk away' price on your home. The appraisal will likely be higher, but a real estate agent will know values and selling prices in your neighborhood and will be able to adjust the selling price for a 'quick sale' situation - which is what a Trustee would be gettng anyway. Don't forget to subtract the real estate costs for selling from whatever price they give you.

3. Also, given our current circumstances we have been forced to move in with family and lease our house out to a tenant, how would this effect our bk?

Actually, its income. However, if you're renting it for EXACTLY what your mortgage payment is, then its a wash against the expense of the mortgage payment.

Do you end up with a lot more disposable income w/o the burden of the house payment ?? That would not be a good thing if you do - you don't want to show any 'extra' money.

4. I'm also an adminstrator over an estate, how would this effect me filing bk? For example, what time frame can an inheritance be considered in a bk?

The Trustee will ask if you're expecting any kind of inheritance. Since you clearly may be, then it becomes part of the bankruptcy estate, and the Trustee could be standing there with his hand out down the road if you ever do come into any money :(

5. I understand that it takes about 90 days for a bk to be discharged, once discharged can a bk be overturned for a period of time?

Yes, but its not that easy. Whoever tries to overturn it is going to have to have a mighty strong case for fraud to prevail.

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Wow, they are actually asking for appraisals these days?

My thoughts exactly. I filled out the paperwork and put the "purchase" price of my house. It was actually $4K more than the tax assessors price on the little pymnt card they send every year. I never even considered an appraiser, nor did my atty suggest I have one.

As odd as it may sound, the Trustee at my initial hearing seemed to get a kick out of me. Obviously, they shuttle everyone in a room like cattle, only to make the experience even more shameful but I refused to be ashamed. So, at least 10 cases were called before mine. Trustee asked the EXACT same questions of all previous cases. I had them memorized and was ready when they called for me. Then, not only did he not ask me the same questions but he asked at least 20 MORE than everyone else. I was in a panic. My atty kept grinning from the side at me and nodded his head to answer honestly. One of the questions was the amount I'd listed for the houses' worth. He wanted to know if I'd had an appraisal or if I got figures from courthouse. I stated the figure was from the tax assessors bill. Few more questions and I was done.

But very perplexed at why things differed for me. First, my atty is GOOD friends with the Trustee. Some leeway there. Cool. But second, my atty pointed out that I was THE ONLY ONE thus far, who'd answered the Trustees questions, with Sir. "Yes sir. No sir. Lived there for 7 years, Sir." etc. Atty chuckled and claimed Trustee was an egomaniac and just wanted to continue to hear me call him SIR! :lol:

It was a bit funny. However, my statement was, "This man holds alot of my future in his hands...I believe it's wise to be respectful, don't you?"

My atty just loved working with me. I'm a dork. That's why. :wink:

Oh yeah. Two days after my BK was discharged I checked the website for the Judges calendars and events. Seems the SAME Trustee on my case had over 60+ motions to DISMISS other cases in the same day! :shock:

I think someone, somewhere, liked me and I'm grateful.

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