Homestead exemption- worried about equity

[Anonymous]

Still debating on filing ch 7 or not, one of the issues is my home which does have some equity. I owe $270,00 and maybe my home is worth $315,000. My state requires the use of its exemption, which is capped at $30,000. Is there a way around this? Does determining equity take into account real estate fees and transaction costs. If I were to sell my home the "$45,000" in equity would be less than $30,000 after all fees. Also, how would the home be valued? I know I need to speak with an attorney and that is my plan, just wondering if anyone has experience with this issue. 

[Anonymous]

When I filed I presented the panel trustee with an appriasal to justify my lower-than-Zillow estimate of my home's value. The cost of sale was not a factor in my jurisdiction -- it may be a factor in the trustee's decision to actually pursue the property, however. Your attorney would be the best person to answer this, as he or she knows what is required in your jursdiction. 

A few thoughts:

- How did you determine your home's value without an appraisal? Did a real estate agent provide a CMA or Broker's Price Opinion?

Ways around this?

- If your home needs repairs, you may be able to obtain a home equity loan and use the proceeds for that purpose. 

- If you are married you may be able to double your state's limit

- You may choose to delay filing until values are lower

- You may offer the trustee an amount between $1-$15,000 to settle for the non-exempt equity (perhaps the amount she/he would be expected to net after the cost of sale).

[Anonymous]

I've estimated the value based on recent sales and the fact that I live in a new development and the builder is still building and selling my model home. Zillow seems to be close although it has some facts wrong. My estimated value is more than the tax assement value. I'm meeting with an attorney next week and I guess I'll find out how the trustee here will determine if there is enough equity or not.

[Anonymous]

Forgot to add, I'm not married so I can't double the exemption. And my house is only a few years old and not in need in any repairs.

I did read online somewhere that the trustee will take into account the real estate transaction fees AND his commission which is substantial. I feel pretty confident that I will be okay, but I'll know more next week.