If in chapter 7 in Riverside, CA & trustee thinks non-exempt equity in my home, can I convert to a 13 to protect it?

Asked 8 months ago - Riverside, CA

I really don't think there is enough value there after taking the $100k exemption. But if, for example, the trustee believes the equity is 150k, Do I have a right to convert into a chapter 13 and simply make payments? My home is the only thing I truly own in life.

Attorney answers (4)

  1. Stuart Gregory Steingraber

    Contributor Level 17

    4

    Lawyers agree

    Answered . Yes you can convert your case to a 13, but unless you have an experienced BK attorney helping you, it is a considerable job on a pro se basis. Not impossible, but almost. More details are needed to confirm my response.

    You are not my client and I am not your attorney. This advice is given in the spirit of the AVVO platform and is... more
  2. Mark Markus

    Contributor Level 16

    3

    Lawyers agree

    Answered . Yes you can, but you don't want to wait too long to do it. At some point the Chapter 7 trustee will have a claim for their fees and costs. Make sure you have taken the full homestead exemption.

    Legal disclaimer: Mark J. Markus practices law in California only. The information is not, nor is it intended to... more
  3. Lauren Ann Rode

    Contributor Level 12

    2

    Lawyers agree

    Answered . Yes, you can convert to a Chapter 13 and propose a plan that pays your unsecured creditors according to the amount of equity you cannot protect with exemptions. Alternatively, you could obtain an official appraisal and show this to the trustee. If you decide to convert definitely seek the assistance of experienced attorney to help you.

  4. Jonathan Stone

    Pro

    Contributor Level 13

    2

    Lawyers agree

    Answered . I concur with the others. First, get a full blown appraisal. Then evaluate sharing this with the Trustee.

    Legal disclaimer: Jonathan Stone is a New Jersey-licensed attorney only. The information is not intended to be... more

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