Decline in Real Estate Values Impacts Trustee Behavior
The biggest asset that most people have is real estate. Believe me, this used to be more of a problem because real estate used to always go up in value. So, if there was any option for the trustee to try and grab onto something, they would do it because they knew if they put it on the market, even if it took six months to sell, its going to creep up. Now, its creeping down so the trustee is not really looking for real estate like they were.
What You Need to Know
Here is what we need to know about the real estate. You want to know if they live there because there is a homestead exemption that allows them to protect a certain amount of equity in real estate. Its got to be a homestead. So homestead is treated differently than somebodys rental property or somebodys vacant land somewhere.
You want to know where its located and everything. And the first thing you think when you think real estate, you have to think equity. So we want to know what is that property worth, what do you feel its worth on the market? You will get all kinds of differing answers here. The bottom line is, we are going to go and check it out on something called Zillow.com. Additionally, we may request that the potential client acquire a fair market valuation from a local realtor. We always want to make sure that we can protect the property while still qualifying for bankruptcy relief.
See Also Braidwood Bankruptcy Attorney or call (847) 520-8100.
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Tags: Estate, Real Estate
Posted July 26, 2011 by Imogen Lay under Credit Report