Just Filed BK7 a couple weeks ago, few questions.

Anonymous — Tue, 05 Aug 2008 21:02:06 GMT

Hello all, I wished I found this site earlier. I filed for bk7 a couple weeks ago, on around $40,000 of unsecured debt. I did this individually and not my wife. My question is how likely is the trustee going to take our house. my SEV is around 83,000, so this means according to the state my homes value is around 166,000. I currently owe around 130,000. The house is jointly owned by me and my wife and we really don't want to loose it. I've always been current on my mortgage and I reaffirmed that loan. My lawyer says I have nothing to worry about because home prices have fallen in Michigan and the SEV doesn't reflect true vale. What do you guys think?

Re: Just Filed BK7 a couple weeks ago, few questions.

Anonymous — Wed, 06 Aug 2008 00:09:18 GMT

SEV?

The appraised value is what you will need to get down to near $130k so you can exempt the house. Take a look at what exemptions your state will allow, and hopefully the appraised value will come in so you can exempt it. Try surfing the web for a good bk forum website where you will get alot of good information.

topic Re: Just Filed BK7 a couple weeks ago, few questions. in Bankruptcy

Just Filed BK7 a couple weeks ago, few questions.

Re: Just Filed BK7 a couple weeks ago, few questions.