HOW DOES CHAPTER 13 BANKRUPTCY AFFECT A SECURED DEBT?

When filing a bankruptcy, a chapter 13 can allow you to catch up on any late payments on secured debts through a no-interest repayment plan.  A secured debt is a debt that is secured by an asset, such as a mortgage or car loan.  If you are behind on these payments, but still want to retain the asset, a chapter 13 bankruptcy will allow a no-interest payment plan.  Assuming you complete the repayment plan successfully, you will simply need to continue the monthly payment moving forward after the bankruptcy, and you will be allowed to retain the asset.

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HOW DO I ESTIMATE THE VALUE OF MY HOUSE FOR BANKRUPTCY?

In a bankruptcy proceeding, you will be required to estimate values of your property, including any real estate you own.  The process for estimating the value of your house depends the amount of equity you have.  If the equity is significantly under the exemption amount, or there is no equity, it can be as simple as using an online estimation tool.  However, if your equity amount is near the exemption level or above it, you may need to utilize a more involved process.  Ultimately, the most accurate tool is to have a real estate broker conduct a comparative market analysis on your property, but that is not always an option.  The more information you have to justify the value to the trustee the better off you will be.  Usually, for properties at or above the exemption level, it is best to undertake at least a couple different methods for determining the value of your property.

http://www.westmontattorneys.com/Bankruptcy/