Q: In ch13, how do u adjust for the hypothetical sales costs for 2 houses-1 w/ several people on title, the other w/ spouse
The people on both houses, would not be filing ch13. In other words, if you assume that each will litigate to block the sale , how is this estimated in the sales cost of the hypothetical sales event ala a ch 7? The adjustment mentioned here is the adjustment to yield a net valuation of the houses used to calculate (non protected) equity
A:
When you file the only thing that matters is what belongs to you.
In the Chapter 13 the unsecured creditors have to get as much as they would have gotten in a chapter 7 liquidation.
Valuations are litigated all the time.
You can have appraisals and the trustee can have appraisals.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
