Why You Must Know Your Home's Current Value Before You File Bankruptcy

If you own a home or any real estate, you must find out the fair market value of your real estate before filing bankruptcy.
I originally recorded this video in January, 2021 but it was never released until now. However, the principles expressed are the same. Real estate markets in Georgia can change month to month. You obviously have many things to worry about if you are contemplating bankruptcy but you cannot guess when it comes to your home's value.
As I discuss in this video, if you guess about how much your home is worth you run the risk that the bankruptcy trustee will make a claim on your equity. This could prevent you from getting a Chapter 7 discharge, or it could result in a much higher Chapter 13 payment. #realestteandbankruptcy
Instead of guessing, call a local real estate agent or two and ask for a "drive by" appraisal. Look on Zillow or other online tools.
And keep in mind that currently the real estate "exemption" available to you under Georgia law is $21,500 for an individual filing and $43,000 for a married couple filing jointly. If your equity exceeds this amount you could find yourself facing unexpected challenges to your #atlantabankruptcy filing.
Need more information about how #chapter7 or Chapter 13 bankruptcy can help you escape financial crisis? Call our office at 770-393-4985 and speak to a lawyer at no cost for useful information.
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[@karenlodinger196]

What if you have a paid up house in a revocable trust and you have not filed bankruptcy but are contemplating it. Is it too late to protect this asset?

[@atlantabankruptcy]

Karen, your question calls for legal advice which I can't offer on a UA-cam channel. You should speak to a bankruptcy lawyer in your area.