Q: I got homestead exemption in ny, I have full equity in my home. Do the trustee still have to sell the house? For Chap. 7
Also my unsecure are about 40 thousand, can i keep my property or must the trustee sell it, for Chapter 7? And if the trustee sells it will she cut a check for only the homestead exemption or all of the equity too?
A:
That depends on whether there is non-exempt equity in your home. If there's another few thousand dollars of equity that is not exempt, or more, the Trustee may move to sell the house.
The issue, here, is that you cannot simply Dismiss your Chapter 7 case voluntarily. If the Trustee moves to sell the house, your sole, realistic avenue of relief will be to Convert your case to a Chapter 13.
Either way around, you should really consider hiring an attorney, based upon the relatively basic nature of the questions you're asking. Given that your house is potentially at-stake, it seems like a reasonable investment to consider.
Good luck!
Leonard R. Boyer agrees with this answer
A:
Hello,
If your house is exempt then they won’t sell it but that is only if you are u see the exemption in New York.
You may want to hire an attorney that can help you.
Warm Regards,
Karra Kingston
A: You need to consult a bankruptcy attorney and discuss converting to a Chapter 13, depending on how much equity is in your house.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- (973) 798-6131
- View Profile
- Answered
A: You really need to discuss this in person with an experienced NY Bankruptcy attorney. Chapter 7 is probably not going to be the best solution to your problems. THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney.
A: I do not understand your question. If your equity exceeds the homestead exemption, that excess value could cause your home to be sold in a bankruptcy.
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.
