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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    • Phoenix Office – New Wright Law Offices  2999 N. 44th St., Ste 600 Phoenix AZ 85018  Telephone: 602-456-6085 / 866-703-3287 Phoenix Law Office
    • Phoenix Office – Old 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
    • Mesa Office Wright Law Offices  4856 E. Baseline Rd. Suite #104 Mesa, AZ 85206 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

    What our clients are saying…

    TOP Rated PHOENIX BANKRUPTCY ATTORNEY
    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.
    Tara
    TOP Rated PHOENIX BANKRUPTCY ATTORNEY
    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!!!
    Steffanie
    TOP Rated PHOENIX BANKRUPTCY ATTORNEY
    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.
    Damian
    TOP Rated PHOENIX BANKRUPTCY ATTORNEY
    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.
    Shannon
    TOP Rated PHOENIX BANKRUPTCY ATTORNEY
    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.
    Jenna