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Hi and thank you for your question. In the future, you can request me to answer any further questions.
When you file your case, you should always list any exemption that may be available for your home, even if you owe more on it than it is worth.
Reason is that if the value was wrong, and the home is worth more, you can protect up to the amount of the exemption. More of a "might as well, it won't hurt anything to list "- theory.
You would need to look to your state's allowable homestead exemptions, a google search with your state and "bankruptcy exemptions" will turn up lists.
Thanks for your question, good luck.
I'm still not clear on the amount to list as "value of claimed exemption." The zillow.com estimated value is 208,500. I'm one of two people on the deed, so I listed half that amount (104,250.00) as my debtor's interest on schedule A. There is a first mortgage, equity line and HUD loan on the house totaling 233,066.89. What is my "value of claimed exemption?"
Thanks for your help! Also, there's no room on the Schedule C PDF doc to put all of the detail Nolan's recommends. Should I simplify or add attachments to each item. Thanks again for you help! I will request you in the future.
Sorry, forgot to mention that my state is California, and I'm over 65, so my exemption is 175,000.
you list the full amount of the allowable exemption - so if you use the exemption you quoted, then you would put 175,000 as that amount.
Schedule C lists the exemptions, so you should just put the description from schedule A, then the code section of the exemption, then the value of exemption (175k) then the value of the asset, you said 208500
Thank you! That makes it very clear for me! Another question if you don't mind... The first 2 mortgages total 201k. The third lienholder (HUD) has another 32k interest. If the house value is only 208,500, would the portion of the HUD loan in excess of the home value be considered unsecure debt? If so, how do I handle this?
List them all as secured since they have a lien on the property. In a chapter 13, you can strip that off and pay it with your other unsecured debts, but not in chapter 7.,
thanks for your question, good luck to you
put all 3 on schedule D.
Thank you! If I were to do chapter 13 instead, how would this affect the other owner of the property (my ex-wife)? She is also listed on all of the above mentioned mortgages/liens.
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