Legal Question in Bankruptcy in Georgia

Chapter 7 Banckruptcy
Ga allows 10k exemption on home. I was told that my 17k equity would fall below the 10k exemption because of court and other fees. But now I believe I figured wrongly.I arrived at 17k equity by subtracting balance owed (mortgage) from what I originally paid: 69,900 minus 52,600. But that is wrong is it not. I have lived here 17 years and property has appreciated. So if fair market value is 100,000 and my mortgae balance is 52,600, then my equity is about 47,000 and so--there is no way that I can keep it. I feel hopeless and that my whole life has been wasted. Is my calculation correct, and is there no possible way that I can keep my home? Thank you so much.

Asked on 9/17/07, 9:14 pm

Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

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Re: Chapter 7 Banckruptcy

Your attorney certainly explained this before you filed. Equity is the present value less what you owe.

Answered on 9/17/07, 10:02 pm

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