Legal Question in Bankruptcy in Indiana
Type your question here...I am filing Chapter 7 and wanting to keep my house. The county assessed the house where it has $2500 too much equity in it. I had a seperate assessment done. If that comes back within the allotted equity, can the trustee still decide to use the county's therefore force me to sell the house? And if so, can I cancel the bankruptcy with the court?
1 Answer from Attorneys
The trustee will not take your house with only $2500 in equity-you and your spouse each can exempt $15000 in equity.
By the way, the county assessment is not used to measure the value of your home in a bankruptcy. The Trustee will ask how much you paid for it and when; how much you owe and the fair market value, and what you base the FMV upon, such as an appraisal done at purchase or refiancing. He or she can have it appraised.
Once you file a chapter 7, you can move to dismiss but if someone like the Trustee objects, your motion could be denied.
These are all things you discuss with your bankruptcy counsel at the initial consultation-most offer a free intitial consultation.
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