Selling My House While In Chapter 13
Recently Filed Or Coming Out Of Bankruptcy?
Have your debts got out of control and now you’re filing for bankruptcy? Unfortunately, this is the case for many people around the country. When you least expect it, debt gets out of hand and everything seems to collapse. We know that this is a deeply stressful situation, which we hope nobody ever goes through, but truth is, it can happen to anybody. Depending on the type of bankruptcy that you may be going through, you may or may not be able to sell your house to settle debts. If you’re thinking about selling, we recommend informing your attorney early in the process so that the necessary paperwork is completed. By all means, we hope that you’re able to keep your property if that’s what you would like. But if you’re wanting to sell fast for cash, we are here to assist. If you’re saying, “I’m thinking of selling my house while in chapter 13”, then you’ve come to the right place. FastFlow Home Buyers LLC is a home buying company that specializes in solving problems. Reach out to us to see if we are the right fit. We’d be more than glad to answer any of your questions.
Key Factors When Selling Your House During Bankruptcy
- Notify everyone involved-notify your attorney, real estate agent, or home buyer on what your situation is.
- Don’t start late-timing is crucial. Give your attorney anywhere from 30 to 45 days to negotiate the sale with your trustee. Your attorney will need time to put the paperwork in motion. In addition, your creditors have a right to object to the sale, just as they have a right to object to your repayment plan
- Motion to sell-The motion to sell is a very important piece of paperwork you need if you’re trying to sell your home while in Chapter 13. The motion-to-sell documentation includes important information…price of the home, the home’s value, and the home appraisal. Your trustee bases their approval with this document. If the trustee approves, the sale can go forward.
- Statement of sale-Once you’ve closed on the home, you will need to provide your attorney with a copy of what is called the statement of sale
- Discharging debt-If the home’s sale can pay off your repayment plan, then you can expect a discharge of your Chapter 13 shortly after the sale