Expert: Terry Leeders - 8/17/2008

Question
I live in the state of NJ. After the meeting of creditors I thought that everything was fine but the trustee is now questioning the value of my home on my scedule C. I had, at the request of my attorney, a sales valuation done by a reputable real estate firm. The schedule C valuation was based on this valuation. Now the Trustee wants to have my home revalued. I would have never filed a Chapter 7 if I thought that my home would be placed in jepordy. Is it possible to withdraw my Chapter 7 filing or will the Trustee be opposed to this. Thanks for your help with this.

Answer
You should wait to see what the trustee says once they get their own valuation.  If your home is too valuable, you can move to convert to chapter 13 to pay back enough of your debt based on that valuation to protect your home.  Now, you can try to bring a motion to voluntarily dismiss the case, but that will be up to the judge, and the trustee can fight you (they represent all of your creditors)