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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I may be applying for bankruptcy and I have questions about

Resolved Question:

I may be applying for bankruptcy and I have questions about homesteading.

I recently purchased a house in California. It required a $60,000 down payment.

I don't think the value of the house has increased, it may have dropped.

How does the court determine if my house is covered under the $75,000 homestea d exemption.

Do I submit my estimate, or is an appraisal required?

Also, What happens to any liens that might exist on homestead property?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.
Hi JACustomer,
1) You would indicate - in the Bankruptcy petition - the current market value of the house. You can base this figure on an appraisal, on prices of similar homes in your area, or on the actual sales price if the house was recently purchased. If the Bankrutpcy trustee is not satisfied with the figure you provided as the current market value, he will send his own appraiser to value the house.
2) If the liens are based on dischargable debt that is not secured by your home, you can have the liens removed in your Bankruptcy.

I think this is what you wanted to know. If not, please let me know.
Thank you!
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