QUESTION
What are my options if the trustee wants a home appraisal 1 year later?
Asked on Dec 15th, 2012 on Bankruptcy - Colorado
More details to this question:
I filed Chapter 7 Bankruptcy 12-2011. Told my home would not be included because I was able to exempt approx. 21,000. My home value increased $40-50,000, the trustee wants a home appraisal 1 year later. What are my options? I cannot lose my home. I would have taken it different route, however I was told. "YOU WILL NOT LOSE YOUR HOME” I owe $176,000. Zillow is estimating the value at $263.000. However, it needs a lot of work Zillow is unaware of. What are my options? Please help.
7 ANSWERS
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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You need to speak with your attorney.
Answered on May 23rd, 2013 at 10:15 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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This is why you should have used a good bankruptcy attorney. They would have told you to abandon the house at the time the case was filed. There is little that you can do today. I wish I had better news for you.
Answered on Dec 17th, 2012 at 4:08 PM
Richard hirsh
It is difficult to evaluate your question without more information. Are you married and if so , is your wife a co-debtor and how do you hold title joint tenants or tenancy by entirety or just in your name? It is unusual in this day and age for a home to appreciate. Why is it that the trustee has kept your case open for so long? Depending on your income, you might have the right and ability to convert your case to a chapter 13, thereby divesting the trustee of his interest in the home.
Answered on Dec 17th, 2012 at 4:08 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You need to hire a bankruptcy practitioner as quickly as possible, provide all the details and get advice. I would suspect that the value of your home a year ago was less than it is currently being appraised or estimated at. In any case, get counsel.
Answered on Dec 17th, 2012 at 4:07 PM
Deborah F. Bowinski
Speak to your attorney who may be able to suggest an appraiser for you to use. In my experience Zillow values often have little relationship to actual value of any particular property. They are a starting place, if that, but not reliable. Has the trustee held your case open because of other assets being administered?
Answered on Dec 17th, 2012 at 4:07 PM
If the Trustee is asking for an appraisal of your real estate, an opinon from Zillow won't be what you paid for it. Get an appraisal from a certified appraiser, who will need to inspect inside and outside of the property. Expect to pay in the range of $300 for a professional appraisal.
Answered on Dec 17th, 2012 at 4:07 PM
Daniel James Wilson
I hope you have an attorney. Zillow is very inaccurate. You might want to do a Comparative market Analysis. You might have to get an appraisal. You might need a lawyer to file a Motion to Close Case. In any event you need an attorney.
Answered on Dec 17th, 2012 at 4:05 PM