topic Re: Chapter 7... Again in Bankruptcy

Chapter 7... Again

PaperOrPlastic — Fri, 25 Oct 2024 18:46:00 GMT

So due to some serious issues I am needing to file for Chapter 7 again. I will be eligible in Dec and found an attorney and all that. Just wanted to get some feedback here.

I own a home free and clear (mobile from the 80s) and I'm a bit worried about losing it, based on my research (I will ask my attorney when I talk to him next week) the Arizona homestead exemption is 189k min to 400k. The house definitely needs some work (lots of cosmetic) and has some roof problems. Zillow/Redfine all show numbers around 150-170. I can't find any mobile homes that sold near me with how many bedrooms I have, it's about 2.2k sq ft with 3-4 bedrooms (1 converted) not sure how they would list it

If the trustee agrees on that value are they allowed to sell if they could get more? 200k+? I have about 35-40k in debt. Annual income is about 45-53k depending on bonuses and stuff.

Re: Chapter 7... Again

FicoMike0 — Sun, 27 Oct 2024 23:39:16 GMT

Your Atty may suggest an apprasial. If he recommends someone, they will know you want a low value. Make sure you point out any problems.

Re: Chapter 7... Again

despritfreya — Mon, 01 Dec 2025 10:26:39 GMT

You have gotten yourself worked up over a non-issue hence the reason why one should not be trying to teach themselves “the law” by using the Internet. Your numbers are wrong as they are outdated.

Arizona Homestead Exemption is currently $425,200.
The 1,215-day rule under 11 USC 522(p), which may or may not apply to you, currently limits the homestead allowance to $214,000. This is a bankruptcy specific rule and has nothing to do with State law. In general, it only applies if you have not been in the home the required length of time.

Sounds like you are well within the exemption.

Des

Re: Chapter 7... Again

Mervin — Wed, 03 Dec 2025 00:06:13 GMT

Sorry to hear that! Is the home your primary residence?

Re: Chapter 7... Again

SUPERSQUID — Tue, 27 Jan 2026 21:51:02 GMT

It sounds like you are under the exemption. Your lawyer will recommend an appraiser who will appraise your home for what it's worth on the open market with defects. the appraiser will also add to his appraisal what other similar homes in your area sold for.

I'm assuming your mobile home is in a trailer park and you rent the lot.

If you own the lot your mobile home sits on things can get a little more tricky.

Ask your lawyer for advice on this.