Having to file for bankruptcy is a sobering experience. It can be fraught with confusion and embarrassment and an unsettling feeling of “now what?” You may not have seen this coming as you worked hard and planned for your stable future.
No doubt a number of factors got you into this difficult position but you have responsibly decided that a bankruptcy is the best way for you to move forward for yourself and your loved ones. The thought of losing your home may be causing you sleepless nights, and the details of it all may have you feeling as if you’re in a maze. We are here to offer you qualified and professional help and will do our best to make this understandable and manageable for you.
Every state has a homestead exemption that protects equity in your home. In Oregon, that amount is $40,000, and for a married couple, it is $50,000. While some states allow you to double the homestead exemption, Oregon does not, and caps it at the $50,000. This covers real property (including condominiums), or floating, manufactured or mobile homes. Depending on where you live, there are other considerations. If you are located outside of town or city limits, you may protect up to 160 acres. If your homestead is located within town or city limits, you may protect up to 1 city block.
To take advantage of this exemption, the property must be occupied by the owner, owner’s spouse, parent, or child. However, if you are not living in your home but you intend to sell it or your absence is temporary and you plan to move back in, you can still use the exemption. As you would expect, there are other aspects to this law that your attorney will go over with you.
You may want to sell your home, either by choice or by necessity. Factors to consider will be possible liens or judgments to satisfy your creditor(s). I will do a full and professional appraisal of your property that you and your attorneys will be able to safely use into your decision making. We will work with you and your attorney directly, to shorten the process for you.
We are confident that we will be more cost-effective than any other professional appraisers you may speak with.
Call Nathan anytime at 503.349.3765 to get started and to get all of your questions answered. We look forward to talking with you and putting your mind at ease. Constant worrying isn’t good for anyone. We want to help you get through to the next stage of your life. Call.