california bankruptcy property exemptions

california bankruptcy property exemptions
Can I use the tax assessed value of my house when filing a Ch 7 Bankruptcy in California?

I consulted an attorney re: filing of a Chapter 7 and was told it can not be a good idea to rely on the value of my house. They used the website Zillow.com estimates the value of my property to get. My property received a series of up to $ 303k $ 390k, with an estimate of $ 349k. This value would also sit on the CA-equity exemption of $ 75k. Is this a reliable Assessment of the instruments? I hope in the trustee to avoid questioning the value and forces me to sell my home to pay off debts. Suggestions as to where a value, which can be used to get? County tax value assessed? The estimate is considerably lower than the value found on Zillow. Referee? I do not have the money to hand out for the assessment, but would rather be safe than sorry. Also, said another lawyer that the value of my apartment should not have changed much since I bought a year ago and We could use the purchase price. I have a feeling that he is to me misleading. Any help would be very grateful. Thank you.

A few things for you to consider: 1) Sites like zillow.com realestateabc.com and * not * give market values as estimated by a consultant. These pages to spit out compositions in the region and give a rough estimate, what a house * might * be worth it. However dictate federal rules, the assessments carried out only by licensed appraisers. Therefore, these sites * not * true market value give. 2) The county assessor does * not * to keep records of the market value of a house. They appreciate … Assessed values that are only used to address the property taxes to value a property. These values are not driven by the market. They are usually much lower than the actual market value of the property. 3) Given that you are in California, the price that you bought the property or not, a reliable indicator of the value. The real estate market in California has waned considerably. I am I am not sure what area of California you in. .. some markets have continued to show some small levels of appreciation, while others may have some minor The falling price levels. One expert (an attorney) in your market would be able to best tell what they have to develop the market in your area, such as Last year was. As you go through a Chapter 7, you should decide to discuss these issues with your lawyer, what would be the best approach in your case. An assessment is to determine the current market value of your home. On a personal note … If I were you I would try to filing for bankruptcy under any To avoid circumstances. I went through a bankruptcy 5 years ago and I * always * try, you my credit card back up to par. I have all my post-bankruptcy credit lines kept clean and it has received so much about my credit score to put on an "average" rating. It is a huge black mark on your credit and remain on your credit card up to 10 years. I'm not sure what your situation is like … but if you want a simple solution to get credit problems, bankruptcy not so easy road. If you choose a file, you should do a lot of research to ensure you are fully aware of all the consequences that come with filing bankruptcy (Denial of credit applications, outrageously high interest rates, a significant impact on your credit score, etc). As I said, I'm 5 years after the bankruptcy, and I regret my Decision, every single day of bankruptcy file. All I can do is suck it and anxiously await that day are removed from my credit reports (further 5 years and more!)

Property Exemptions in a Bankruptcy | Bailey & Galyen Attorneys at Law

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