How are assets valued in bankruptcy?
Just listing your property isn't enough – you'll also be asked to provide a value for each asset. In bankruptcy, the current value of an asset represents the amount that a willing and reasonable person would pay to own the asset, given the item's age and condition.
What is home equity in bankruptcy?
Your Home Equity in Bankruptcy
If your home is worth more than the amount you owe on your mortgages and other property liens, then you have equity. Home equity is considered an asset in your bankruptcy.What happens to properties after bankruptcy?
Can I keep my house if I file Chapter 7 in California?
Do you need a license to sell manufactured homes in Florida?
Motor vehicle, mobile home and recreational vehicle dealers must meet the licensing requirements of the Florida Department of Highway Safety and Motor Vehicles (FLHSMV) to conduct business in Florida.
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— 🇺🇸Paul Mampilly (@MampillyGuru) October 29, 2023
And that's what is going on now. If I'm right, the interest rate cycle has turned… pic.twitter.com/dCi5oIDNr7
Can real estate agents sell manufactured homes in Florida?
Frequently Asked Questions
Do modular homes have titles in Florida?
What is fair market value in bankruptcy?
Cartwright, 411 US 546, fair market value (FMV) is defined as “the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts." The FMV is used in many laws and regulations, like
What is the value of assets in bankruptcy?
What assets are safe from bankruptcies?
- Your main vehicle.
- Your home.
- Personal everyday items.
- Retirement accounts, pensions, and 401(k) plans.
- Burial plots.
- Federal benefit programs.
- Health aids.
- Household goods.
What percentage of Chapter 13 bankruptcies are successful?
Success Rate for Chapter 13 Bankruptcy
That's a success rate of just 40.4%.
What license do you need to sell manufactured homes in California?
Anyone wishing to become a manufactured home, mobilehome, or multifamily manufactured home (collectively referred to as “MH-units”) or commercial modular dealer or salesperson in California must obtain and maintain an active HCD license.
FAQ
- Do you need a license to sell manufactured homes in Texas?
Answer: While the sale of a manufactured home (no real estate) requires a separate license from the Texas Department of Housing and Community Affairs (TDHCA), under a TDHCA exemption a TREC license holder can sell one manufactured home during a 12-month period without a TDHCA license (see Tex. Occ.
- Can real estate agents sell mobile homes in CA?
If your mobile home sits on your own land, there are a few options to sell your home in California: for sale by owner, through a real estate agent, or listing with a dealer.
- Do I need a business license to sell from home in California?
Generally, if you make three or more sales in a 12-month period, you are required to hold a seller's permit. This applies even if your sales are made through Internet auction houses or websites that offer online classified advertisements (online advertisers).
- What is required to sell a mobile home in Texas?
Answer: While the sale of a manufactured home (no real estate) requires a separate license from the Texas Department of Housing and Community Affairs (TDHCA), under a TDHCA exemption a TREC license holder can sell one manufactured home during a 12-month period without a TDHCA license (see Tex. Occ.
- Do you need a real estate license to sell manufactured homes in Florida?
Florida law states that any person, firm, partnership, or corporation that buys, sells, offers for sale, displays for sale, or deals 1 (one) or more mobile homes in a 12-month period is considered to be a mobile home dealer and must get licensed.
- How do I get a manufactured home sales license in California?
To become an HCD licensee that is authorized to deal or sell MH-units or commercial modulars, you must pass an HCD-administered exam and complete preliminary education courses. You will also need to complete continuing education courses to maintain your HCD license.
How to get real estate estimate for bankruptcy
| Are mobile homes considered real estate in Texas? | Mobile homes affixed to land not owned by the homeowner are taxed as personal property. Mobile homes affixed to land owned by the homeowner are taxed as real property. |
| Can real estate agents sell mobile homes in Florida? | Real Estate Agents and REALTORS® can sell mobile and manufactured homes when the land attached directly to the property is also owned by the homeowner/seller. A home located within a land-leased community the home is classified as as personal property and NOT Real Property. |
| Is a mobile home considered real estate in Florida? | Florida law requires the property appraiser to list mobile homes as real property based on the ownership of the land and the mobile home, and whether the mobile home is tied down and connected to utilities. |
| How do you get a mobile home license in Florida? | The license period is from October 1 to September 30. Applicants must: Be at least 18 years of age; Attend a free 12-hour mobile home installation course and pass the FLHSMV exam with a score of 70 or higher. |
| Do you need a real estate license to sell houses in Florida? | Do you need a real estate license in Florida? An active Florida real estate sales associate license is required when you represent a buyer or seller in a real estate transaction, including listing, selling, purchasing, leasing, lease options and renting, and earn a commission for services rendered. |
| What is property of a bankruptcy estate? | The bankruptcy estate is the pool of assets that will be used to satisfy the claims of creditors. Generally, all of a debtor's legal and equitable interest in property as of the filing of the bankruptcy petition and commencement of the bankruptcy case becomes property of the bankruptcy estate. |
- How much equity can I have in my home and still file Chapter 7 California?
California Homestead Exemption and Bankruptcy
Using the revised exemption for 2021, a debtor may have $600,000 of equity in their Los Angeles or Orange County home and still file a Chapter 7 bankruptcy with their home being protected.
- What would disqualify me from Chapter 13?
- Incomplete or Inaccurate Documentation: Filing for Chapter 13 bankruptcy requires comprehensive documentation, including income records, tax returns, and a complete list of debts and assets. Failure to provide accurate or complete information may result in disqualification or case dismissal.
- What is the average monthly payment for Chapter 13?
A $500 to $600 monthly
A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.
- What percentage of Chapter 13 bankruptcies are denied?
The most surprising finding of this study was that of the 2.2 million Chapter 13 cases filed, more than 52% of the cases were dismissed before the repayment plan was confirmed.
- How is the value of a house determined?
During the appointment, an appraiser looks at many factors to determine the home value estimate. They'll look at the current condition of your home, your neighborhood, the market conditions and comparably priced houses to assess your home's value.
