Chapter 7... Again

[PaperOrPlastic]

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.

[FicoMike0]

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.

[despritfreya]

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  Your numbers are wrong as they are outdated.

1. Arizona Homestead Exemption is currently $425,200.
2. 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

[Mervin]

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