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A.J.
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Category: Bankruptcy Law
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Experience:  Experienced consumer bankruptcy attorney.
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I do have home and Equity about $25,000 and I have cars $15,000

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I do have home and Equity about $25,000 and I have cars $15,000 in California. May I loose home if I will use 703 Code, Wild Card 703 Code?
Loan amount $135,700, Zillow value $167,00. Thank you. Alexander.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  A.J. replied 1 year ago.

SavyLawyer :

Hello, and thank you for contacting Just Answer. My name isXXXXX am a bankruptcy law professional, and I look forward to answering your question this evening.

SavyLawyer :

Under rule 703, you may fall a little short, leaving a little equity exposed in the bankruptcy, but one thing to consider is how big that risk actually is. If, for example, the exposed equity is less than $1000, for example, the trustee is significantly less likely to want to go after the house, because the cost and time involved with seizing and selling the home may significantly outweigh any potential value to the trustee and creditors.

SavyLawyer :

Ultimately it is impossible to know for sure how a trustee is going to act (different trustees approach each issue differently). However, with a very small amount of exposed equity, the risk to the home should be equally as small.

SavyLawyer :

Ultimately, if you have not already, I would strongly encourage you to use the assistance of a bankruptcy attorney in California in filing, in order to make sure that you are doing everything you can to protect your assets. For a referral to an attorney in California, the state bar association has a referral service at:

SavyLawyer :

1-866-442-2529

SavyLawyer :

http://www.calbar.ca.gov/Public/LawyerReferralServicesLRS.aspx

SavyLawyer :

or online at:

SavyLawyer :

I hope this helps, and let me know if you require any additional information or need clarification of anything I have said (never be afraid to ask for clarification!). Otherwise, please remember to RATE my answer positively so that I can receive credit for my work.

Customer:

Thank you,

Customer:

Thank you I was reading Bankruptcy book and it said that 8 -10% of house value if not exempt, trustee will not take it. Do you think is it correct?

SavyLawyer :

That sounds like a fair approximation, yes, but it is only that, an approximation. Under 10 %, and you have to wonder if it is worth the trustees time and expense to seize and sell the home, particularly when trustees do not want to have to hold on to a property for too long, and so are unlikely to wait out a sale for the highest bidder. In all things, you have to go in knowing the risks, but 8-10 % certainly sounds like a reasonable guess. Again, having an experienced bankruptcy attorney assist in filing the petition will help make sure that all avenues for protecting property are covered.

SavyLawyer :

Let me know if you have any further questions or need additional information, it has been a pleasure chatting with you. If you do not have any further questions, please remember to RATE my answer so that I can receive credit for my work.

Customer:

Thaks

SavyLawyer :

You are most welcome.

Customer:

where to rate the answer?

A.J., Attorney
Category: Bankruptcy Law
Satisfied Customers: 4296
Experience: Experienced consumer bankruptcy attorney.
A.J. and other Bankruptcy Law Specialists are ready to help you
Expert:  A.J. replied 1 year ago.

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