MarathonKing Posted January 25, 2005 Report Share Posted January 25, 2005 OK I live in New York and I am single. I have a home worth $300,00 according to my tax assessement. The appraisal when i bought it listed as worth $248,000. I bought it for $210,000 2 years ago. I have a total of $239,000 in mortgages, home equity. My question is what is considered a quicj sale market value which you can put on a bankruptcy petition. I may have more than 10,000 equity. I have $30,000 in credit card debt. Should I file and will I lose the home? Link to comment Share on other sites More sharing options...
LadynRed Posted January 25, 2005 Report Share Posted January 25, 2005 Call a real estate agent and ask them to give you a "walk-away" price on your home. You must also remember to subtract the cost of selling the home along with any repairs that may be needed. There's no way to say whether or not you'd lose the home, but there is always a Ch 13 if the eventuality your equity is too high to exempt. There's also the option to Redeem - you pay the Trustee the difference between the exemption and the equity. Link to comment Share on other sites More sharing options...
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