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Value of Your Home for Bankruptcy

Determining the value of your home is one of the more important tasks in a bankruptcy.  Currently, every state has a homestead exemption of some sort, the extent of the protection depends on the exemptions that are available to you when filing.  In Arizona, the homestead exception is $150,000, and it does not matter whether a single person or a married couple claims the exemption.  Also, if you have more than one property to which the homestead exemption could apply, a creditor may require you to designate to which property the exemption applies.

By having an accurate value of your house, you can deduct the mortgage balance and determine the equity.  If the equity is less than the amount of the homestead protection available, your house will be protected in bankruptcy.  However, if the equity is more than the exemption, the trustee can seize the home in a chapter 7 bankruptcy, and a chapter 13 might be a better option for you.

There are several ways to determine the value of your home.  You can look at the county assessment for the property.  However, websites like Zillow and yahoo real estate tend to be more accurate, and trustees use these websites to evaluate the property at first glance.  Another option to pursue is hiring an appraiser, but resort this option as a last result.  Filing for bankruptcy can be expensive enough, save money whenever you get the chance.

If you are concerned about losing your house in bankruptcy, contact the Wright Law Offices with offices in Phoenix, Avondale, and Scottsdale.


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Office Locations

Phoenix Office
Wright Law Offices
668 N. 44th St., Ste 320
Phoenix AZ 85008

Telephone: 602-456-6085 / 866-703-3287
Phoenix Law Office

Scottsdale Office
Wright Law Offices
7135 East Camelback Road, Ste 230
Scottsdale AZ 85251

Telephone: 480-845-0145 / 866-703-3287
Scottsdale Law Office

Tempe Office
Wright Law Offices
2238 S. McClintock Dr.
Tempe AZ 85258

Telephone: 480-845-0145 / 866-703-3287
Tempe Law Office

Avondale Office
Wright Law Offices
12725 W Indian School Rd, Suite E-101
Avondale AZ 85392

Telephone: 623-258-4480 / 866-703-3287
Avondale Law Office

Prescott Office
Wright Law Offices
1129 Iron Springs Rd
Prescott AZ 86305

Telephone: 623-258-4480 / 866-703-3287
Prescott Law Office

Mesa Office
Wright Law Offices

1731 W. Baseline Rd.
Suite #100
Mesa, AZ 85202
Telephone: 480-845-0145 / 866-703-3287
Mesa Law Office

Glendale Office
Wright Law Offices
20325 N. 51st Ave., Suite 134
Glendale, AZ 85308
Telephone: 623-258-4480 / 866-703-3287
Glendale Law OFfice

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