Bankruptcy California Exemptions
"I can use the tax assessed value of my home county at the time of submission of a CH 7 bankruptcy in California?
I checked with a new Lawyer: filing a chapter 7 and according to him, can not be a good idea based on the value of my home. They have used the site Zillow.com to get the value estimate of my property. My property has been given a range of $ 303K to $ 390k, with an estimated of $ 349K. This value is the amount set me free from the equity of CA $ 75k. Is it this a correct assessment? I hope to avoid the fiduciary question the value and force me to sell my house to pay debts. Any suggestions on where to find a value that can be used? County tax assessed value? The estimated value is significantly less than the value found on Zillow. Evaluator? I have no money to the floor in a evaluation, but rather be safe than sorry. In addition, another lawyer said the value of my home should not have changed much since I bought last year and could use the purchase price. I felt misleading. Any help would be greatly appreciated. Thank you.
A couple of things for you to consider: 1) Sites like realestateabc.com * NO zillow.com and give market values as estimated by the expert. These sites spit comps in the area and give a rough estimate of what a house could be * * interesting. But Federal regulations require that assessments can be made by certified experts. Therefore, these sites do not * give a true market. 2) Advisor County is * NOT record the value of a home. They believe the assessed value … are exclusively used to estimate the property taxes of a property. These values are not market driven. They are generally much lower than actual market value of the property. 3) Assuming you're in California, the price you bought property may or may not be a reliable indicator of value. The housing market in California has slowed considerably. I'm not sure what area of California is in. .. some markets have continued to show lower levels of satisfaction, others may have some minor levels of price reductions. The evaluator (not counsel) in its market would be better able to inform you that the market trends in your area have been, like last year. As you go to a Chapter 7 should discuss these issues with your attorney to decide what the best course for you. An evaluation can determine the current market value of your home. Personally … if I were you, I will try to avoid bankruptcy at all costs. I went through a bankruptcy five years ago and I'm still trying to get * my credit back to par. Segui all lines of my credit card after bankruptcy clean and it has taken so long to get my credit score to an "average" rating. It is a huge black spot on your credit card and will remain on your credit for up to 10 years. I'm not sure what your situation is like … but if you're looking for easy solution to credit problems, bankruptcy is not an easy road. If you decide to file, you need to do much research to be fully aware for all the consequences that come with the declaration of bankruptcy (the denial of credit applications, exorbitant interest rates, a significant impact on their credit score, etc..) As I said, I have five years after the crash and I regret my decision to file for bankruptcy every day. All I can do is suck and look forward to the day when it will be removed from my credit report (another 5 years and more!)
Houston Dallas Austin San Antonio Bankruptcy Attorney on Homestead Exemptions
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