New York Homestead Exemption



I am contemplating filing Chapter 7. $170k credit card debt. A
mortgage of $288k on a house that I’ve had on the market for $450k for
6 months. According to realtors, the asking price is more than fair in
this market. It’s in perfect restored move-in condition. I’ve shown it
continuously, but everyone who’s wanted to make an offer has a house
they must sell first. My question is how will the house likely be
dealt with by the bankruptcy trustee? Should I get an independent
appraisal or will the court do that? Because of health issues, I am
unemployed and my prospects for immediate employment are slim to none
until I have further surgery and if it is successful. So, debt
repayment is impossible and if the bankruptcy court doesn’t take the
house, it will end up in foreclosure. Any suggestions? I also need a
recommendation for a bankruptcy attorney for the Southern District.


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