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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"Benjamin Wright with Wright Law Office made a very difficult time for us much easier. We were struggling and did not know what our options were. He explained all our options and helped us to make the best financial decision. They made things easy and were always available to answer any questions we had. I would definitely recommend him."
Why should you hire our firm to represent you in bankruptcy?
Great question. Here are a few reasons:
- 1. Bankruptcy is our sole area of practice. Attorney Wright has over 10 years of experience in the field of bankruptcy and has helped over 1000 people successfully file.
- 2. Attorney Wright has an accounting background that is useful in analyzing complex financial documents. Prior to law school he obtained a degree in accounting from the University of Wisconsin School of Business. He exercised his strong numerical aptitude in the field of accounting, including several years with The Kohler Co., before ultimately deciding to pursue a law degree.
- 3. New clients meet with an attorney during their first visit. We understand your time is valuable. It is important your questions are answered quickly and accurately so you can take appropriate steps to secure a better financial future and eliminate fear and stress.
4. In business, referrals are the highest form of professional compliment. We frequently receive referrals from other lawyers and previous clients.
- 5. Our firm is small which enables us to focus on quality over quantity. We don’t have billboards on the I-10 or banners affixed to public transportation. Our approach is a bit more understated. We care about people and doing things right and it shows in our low employee turnover and positive reviews.
- 6. Perhaps the most important consideration is the cost of filing bankruptcy. We continuously assess our fees to ensure we offer fair and competitive pricing. We want to offer you a deal without sacrificing the quality of your experience.
Ways we can help…
What our clients are saying…
Mr. Wright and his staff were amazing. They made a negative situation a lot better and turned it into a positive. Could really tell they care helping people and I will refer their Phoenix Bankruptcy Attorney firm to friends and family. Thanks again.
I called around looking for the right bankruptcy lawyer and came across Benjamin Wright. He personally called me for the consultation seeing how I live in Kingman AZ. He was very helpful from the start and his staff was very friendly and explained any questions I had, sorry for all the questions. I would definitely recommend Wright law offices, and I do!! Thanks for everything, you made what seemed like a hard thing to do simple!! You guys rock!!!
Great lawyer, he really helped my mother out of a jam. She was totally new to bankruptcy and he talked with us for about an hour and a half to make sure she wouldn’t be worried.
Ben is a kind and down to earth attorney. He worked around my busy schedule as a single mom (school, full-time job, and daycare pick up and drop off times). He explained absolutely everything to me and was good about e-mailing. I am writing this review as a THANK YOU.
I had a very positive experience with Attorney Wright. He or his staff returned my e-mails and calls promptly (even after business hours occasionally). His fees were reasonable. He was patient with me when I showed up in court missing an important document. He is aggressive, but fair and nice.