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Andrea Ray
Andrea Ray, Attorney
Category: Bankruptcy Law
Satisfied Customers: 82
Experience:  Over 5 years experience in consumer and commercial bankruptcy law, Chapters 7 13 and 11
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When a person files a chapter 7 bankruptcy in the state of

Resolved Question:

When a person files a chapter 7 bankruptcy in the state of Idaho, if a couple have more equity in there house than what they owe the bank-are they allowed to keep there house as long as they keep it out of the bankruptcy?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Andrea Ray replied 7 years ago.
If you have less than $50,000 in equity in the home you will be able to keep it.
Customer: replied 7 years ago.
who decides the value of your home
Expert:  Andrea Ray replied 7 years ago.
An appraisal, or the county assessor or property valuation administrator. If there is a question, the trustee may obtain his or her own appraisal. If there is equity in it in excess of 50K, the trustee can choose to sell the property and apply the proceeds to your unsecured debt. Or the debtor can come up with the excess money and pay it to the trustee, and he or she will split that up among your unsecured creditors.
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