Legal Question in Bankruptcy in California

I am planning to file for bankruptcy. I own 3plex apartment. Depends on the web based Home Value site my property worth $688000 and I owe mortgage company $620000. How does trustee figure out

Value of the real property in bankruptcy procedure. Do they deduct selling cost and other costs ?

I know I can't use home stead protection because it 3plex . Can I use wild card exemption for real properties instead?


Asked on 10/02/10, 8:41 am

2 Answer from Attorneys

Asaph Abrams Law Office of Asaph Abrams

A chapter 7 trustee will perform a "liquidation analysis." Liquidation must be justified by showing that after payment of sale costs (e.g. realtor fees) and the trustee's own commission, there is a meaningful yield to pay your creditors. The "wildcard" exemption may be applied to any type of property.

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Answered on 10/07/10, 8:58 am


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