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Paul K, Esq.
Paul K, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 141
Experience:  10 years Exp., Great customer service, Prompt responses.
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I have 50,000 equity in my home. How much of that is exempt

Customer Question

I have 50,000 equity in my home. How much of that is exempt and am I in risk of losing my home? It is a chapter 7 bankruptcy and all my creditors are credit card/unsecured debt
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  Paul K, Esq. replied 2 years ago.

Paul K, Esq. : Hello, my name is XXXXX XXXXX I would love to assist you. Give me a moment to research your issue and I will answer promptly.
Paul K, Esq. : In Louisiana, $35,000 is the amount of equity that you can have.
Paul K, Esq. : Unfortunately it does not double for married couples.
Paul K, Esq. : Now that being said, that does not mean the Trustee will take your home, only that he/she may....
Paul K, Esq. : ...want you to pay some money to retain it.
Paul K, Esq. : For example, after you reduce the cost of sale, the true equity would be around $42,000.00 or so.
Paul K, Esq. : Then subtract the $35,000.00. You could potentially offer $5,000.00 to the Trustee, to be paid to your creditors, as a settlement.
Paul K, Esq. : I have seen many Trustees accept payment over 8-12 months for payment plans.
Customer:

that is good because I dont have 5,000. do you think it is a high possiblility that will happen


 

Paul K, Esq. : It is up to the individual Trustee.
Paul K, Esq. : Some will say...
Paul K, Esq. : Ill take payment arrangements, some willl want payment from your next tax refund, some may settle for less or more.
Paul K, Esq. : It is partly the luck of the draw as to which Trustee you get.
Customer:

so there is a possibility it will be dismissed


 

Paul K, Esq. : What I would do is be prepared and go to hearing with an offer
Paul K, Esq. : Your case will not be dismissed, no.
Paul K, Esq. : The Trustee will just determine what payment arrangement he wants and how much, so if you come in with an offer, he/she may just jump at it and settle for lower since you are prepared.
Customer:

do they look at your income? or do they just say you owe it

Paul K, Esq. : Keep in mind you, unfortunately, cannot dismiss it yourself, usually, once the Trustee makes his decision.
Paul K, Esq. : So you cannot say nevermind if he decides he wants $7k or $10k.
Paul K, Esq. : Your income could play apart into the payment terms, but not the total.
Paul K, Esq. : Also keep in mind the Trustee is doing this to avoid the hassle of selling your home, so as easy as you make it, the more likely they are to take the payments.
Customer:

k thanks!

Paul K, Esq. : They could take your house and are allowed to, but every Trustee I have ever seen always lets you make an offer first.
Paul K, Esq. : They dont want to be the jerks that take people from their homes.
Paul K, Esq. : Now if you had $100k in equity, that would be a different story.
Paul K, Esq. : Thanks for your time, if you have follow-up questions later, please let me know.
Customer:

thanks you have been very helpful!

Paul K, Esq. : Be sure to provide a positive rating in order to close out the session.
Paul K, Esq. : If you can think of anything else later, please let me know!
Paul K, Esq. : Have a great week and good luck.
Paul K, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 141
Experience: 10 years Exp., Great customer service, Prompt responses.
Paul K, Esq. and 2 other Bankruptcy Law Specialists are ready to help you
Expert:  Paul K, Esq. replied 2 years ago.
Check this as well. http://www.nolo.com/legal-encyclopedia/louisiana-bankruptcy-homestead-exemption.html

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10 years Exp., Great customer service, Prompt responses.