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Generally, the valuation is done on the day the petition is filed. You want to avoid having a moving target, so on the day you file the bankruptcy petition, you have an established value for the property. Subtract from that the encumbrances against the property, and you have the equity fixed for the life of the Chapter 13 plan.

You're not going to have a situation where the housing market takes off and, a year later, you've got twice the equity. Then the Chapter 13 trustee would say, "You need to increase your plan payments to consider that increase in the equity." Generally speaking, that's not going to happen. Instead, you estimate a dollar value for your non-exempt assets when you propound the plan. When the judge confirms that plan, it's binding on everybody.

The one instance when a trustee might ask for an increase in the plan payments is if you've had a surge in income. In that case, the bankruptcy court believes you shouldn't benefit from that surge if your creditors get less than what you owe them.

In Chapter 13, creditors never get more than the total amount you owe, which is interest-free. You won't be incurring credit card interest rates at 29.99%, but the trustee may later ask that you increase your plan payments based on a search of income. However, that's not going to happen based on a change in the value of your house.

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