What can I do if the bankruptcy trustee wants to take the house I live in? 18 Answers as of August 28, 2014

I thought that was exempt. There is enough other property. He doesn't have to take the house.

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Stephens Gourley & Bywater | David A. Stephens
Check to make sure you claimed an exemption and that the net house value does not exceed the exemption amount allowed.
Answer Applies to: Nevada
Replied: 8/28/2014
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Get a lawyer NOW.
Answer Applies to: California
Replied: 8/28/2014
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Need more information. Generally, you are entitled to keep the exempt amount in the State you live in (Google this info). In Colorado, it is $60K unless you are 60 years of age or older, or are handicapped or have a handicapped dependent, then the amount increases to $90K. You can offer to pay the Trustee for the excess amount above the exemption amount, minus costs of sale. Pay an experienced BK lawyer for an hour of his or her time - about $350. It can save you a lot of heartache.
Answer Applies to: Colorado
Replied: 8/27/2014
Ronald K. Nims LLC | Ronald K. Nims
You need to speak with a bankruptcy lawyer, quickly. Generally, your residence is exempt up to a certain limit (in Ohio, $132,000 for a single person, double that for a married couple). If the trustee is still trying to take your house, you have a significant problem that needs to be handled by an expert.
Answer Applies to: Ohio
Replied: 8/27/2014
Law Offices of Linda Rose Fessler | Linda Fessler
If you have too much equity in it, it will not be exempt. He probably does not want your other assets (cars, furniture , etc.) He wants the big money that a house can bring in.
Answer Applies to: California
Replied: 8/27/2014
    The Troglin Firm | William M. Troglin
    There is not enough information to answer your question but based on what you said it appears you do not have an attorney and if that is the case, you had better get one fast. My definition for a Chapter 7 Bankruptcy is "you turn over to the court all non exempt property and all debts and you pay no one except the ones you choose to pay. The ones you pay are the secured creditors like cars houses etc., however you must have enough exemptions available to cover the equity in the property.
    Answer Applies to: Georgia
    Replied: 8/27/2014
    Law Office of Robert Sisson | Robert Sisson
    You had better ck with but bankruptcy atty or hire one.
    Answer Applies to: Wisconsin
    Replied: 8/27/2014
    Patrick W. Currin, Attorney at Law | Patrick Currin
    Some equity may be exempt, but if it isn't totally exempt then he can sell it.
    Answer Applies to: California
    Replied: 8/27/2014
    Tokarska Law Center
    Tokarska Law Center | Kathryn U. Tokarska
    I assume you filed a chapter 7 case without the benefit and expertise of legal counsel. Likely the Trustee handling your case has also told you that it would be in your best interest to get legal counsel. I've seen Trustees make this statement many times to self represented debtors during the Creditor's Hearing particularly when a case before them is likely to have unfortunate results for the debtor. Get an attorney involved is the only advice that the Trustee can give you and I urge you to follow that advice with urgency.
    Answer Applies to: California
    Replied: 8/26/2014
    Bunch & Brock, Attorneys-at-Law
    Bunch & Brock, Attorneys-at-Law | W. Thomas Bunch II
    You didn't say whether you filed a Chapter 7 or Chapter 13 case. If you filed a Chapter 7 case, talk with your attorney about converting your case to a Chapter 13. If you have enough property that can be sold to pay off your debts, another alternative is to ask the court to dismiss your bankruptcy case so you can begin a liquidation.
    Answer Applies to: Kentucky
    Replied: 8/26/2014
    Danville Law Group | Scott Jordan
    Did you exempt the house? Are you represented by an attorney? If not, get one now. If yes, contact your attorney for immediate help.
    Answer Applies to: California
    Replied: 8/26/2014
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    Filing Chapter 7 without proper planning is like jumping off of a cliff. Once you have stepped off, there is no getting back on. If the trustee is able to sell an asset to pay your debts in chapter 7, the trustee has the discretion as to which assets to sell first. Sounds like you have proceeded in a way that is penny wise & pound foolish.
    Answer Applies to: Nevada
    Replied: 8/26/2014
    D.J. Rausa, Attorney at Law | D.J. Rausa
    I can certainly understand you concerns. I do not have enough information to really respond with the exception of the following. Assuming you have filed a Chapter 7 case, the Chapter 7 trustee is tasked with the obligation of liquidating all non exempt assets to pay your creditors. Once you file a petition, all your assets need to be claimed as exempt, within the exemption statutes claimed. Failure to claim an asset as exempt can cause that asset to be liquidated by the trustee. Additionally, the trustee can look at ANY and ALL non exempt property to liquidate. It would be completely up to the trustee to do whatever is within the law. To be more precise in my response, I would have to review what was filed with the court. I hope this is helpful.
    Answer Applies to: California
    Replied: 8/26/2014
    Steele, George, Schofield & Ramos, LLP
    Steele, George, Schofield & Ramos, LLP | Alan E. Ramos
    There was not enough information presented to allow the specific question to be answered. Generally, in California you can exempt a certain dollar amount of the equity in a personal residence. The amount of the exemption depends on several issues, but it is a fixed amount. If there is equity in excess of the exemption, the trustee may sell the home to obtain that equity for creditors. If the trustee does sell the property, you would receive payment of the amount that you claimed as exempt. For instance, if you have a home that is worth $500,000.00 and there is a mortgage (Deed of Trust) in the amount of $300,000.00 against it , there would be $200,000.00 of equity left in the home. If you are a single person you would be allowed to claim an exemption of $75,000.00. If you were part of a family unity, the exemption that could be claimed would be $100,000.00. If you were over 65 years of age (or met other qualifications), the exemption amount would be $175,000.00. In this scenario, if you were single or part of a family unit, the trustee would most likely sell the home, because he could have funds to pay to creditors. If you figure that the cost of sales would be between 8% and 10%, the cost to sell the home would be between $40,000 and $50,000. If the claimed exemption was $75,000, that would mean that the trustee would have at least $75,000 to distribute to creditors (less the cost of administration of the estate). If the family unit exemption was claimed, the amount for creditors would drop to $50,000. However, if the debtor was over 65, the trustee would most likely not sell the property as the available equity of $25,000 (before sales costs) would be too low to leave anything for creditors. The trustee's decision is based on the facts presented: 1. the value of the property; 2. the amount of the exemption; and 3. the cost of selling the property. If the trustee can end up with funds to distribute to creditors, s/he would most likely go ahead with the sale.
    Answer Applies to: California
    Replied: 8/26/2014
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    If you don't have enough exemption and you have too much equity then you should not have filed chapter 7 bankruptcy. You may be able to convert to a Chapter 13 bankruptcy and pay your debts over time.
    Answer Applies to: New York
    Replied: 8/26/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    If the property is your primary residence and if you claimed it exempt in your bankruptcy petition as long as it does not exceed the exemption amount in your state the trustee cannot sell your house.
    Answer Applies to: Nevada
    Replied: 8/26/2014
    Scott Goldstein | Scott Goldstein
    Not necessarily, depending on the equity you have. There is not much to do except convert to a 13.
    Answer Applies to: New Jersey
    Replied: 8/26/2014
    Reger Rizzo & Darnall LLP | Kathleen DeLacy
    There is a homestead exemption up to a certain amount so it depends on the amount of equity in your home and if it's your primary residence. And normally they don't take it, they may force a sale if equity a lot more than exemption available.
    Answer Applies to: Delaware
    Replied: 8/26/2014
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