When can I sell my house after Chapter 7?

When can I sell my house after Chapter 7?

As soon as the bankruptcy case is closed, you can sell any of the assets you still own, including your home.

Can you sell a house that is in bankruptcies?

While you keep your assets during the bankruptcy, you have no control over them. This means that you can’t sell or refinance any of your assets, including your home, without the trustee’s permission.

Can I sell my house during Chapter 7?

You can sell your home but the timing of the sale or withdrawal is crucial. Receiving the proceeds before you file your bankruptcy would subject you to the 6-month / 60-day reinvestment rule and any proceeds not reinvested would become the property of your estate and go to pay your creditors.

What happens to your house in Chapter 13?

For the most part, you don’t give up any property in Chapter 13 bankruptcy. This means that if you are current on your mortgage, you keep your home. If you are behind on your mortgage or facing foreclosure, Chapter 13 (unlike Chapter 7) allows you to make up mortgage arrears through your Chapter 13 plan.

What happens when you surrender your house in Chapter 7?

When you surrender property in Chapter 7 bankruptcy, you essentially give it back to the creditor. When you surrender the property, the creditor’s lien is removed. When you get the bankruptcy discharge, your personal liability for the secured loan is wiped out.

What happens after you make your last Chapter 13 payment?

After making your final chapter 13 payment, you will receive a discharge paper absolving you of the listed debt. However, even if you pay it off, bankruptcies stay on your credit report for 7 years (unless removed).

What happens to my house if I file bankruptcy?

It is important to point out that selling your home after bankruptcy may be problematic if the plan is to immediately turn around and buy a new home. Once the bankruptcy is complete and you still own your home, the lender can choose to initiate or move forward with foreclosure proceedings if the mortgage is in default.

Can a bankruptcy trustee keep the house after it is sold?

If the home is not exempt, your bankruptcy trustee may sell it to help pay your debt. However, if the home is exempt, your trustee can’t sell it, and you will retain possession of it even after the case is closed.

Can a fines be discharged in a bankruptcy case?

However, there’s an exception: You can’t discharge fines or restitution included in a criminal sentencing in any type of bankruptcy case.

What should I do with my real estate after bankruptcy?

One of the common misconceptions about bankruptcy is that, after you declare it, your life can never be the same again. The reality, however, doesn’t have to be that way. Contact your bankruptcy attorney in Rancho Bernardo and find out how to manage your real estate after bankruptcy in a safe and efficient manner.