QUESTION
Can I keep the profit from the sale of my property after a chapter 7 discharged 3 years ago?
Asked on Dec 28th, 2013 on Bankruptcy - Colorado
8 ANSWERS
William Rhymer
Usually yes and yes, unless the property sold for a lot more than you told the court it was worth and the trustee claims you purposely misled the court about the value of the property. Talk with your Chapter 7 lawyer and he or she can give you a more definitive answer.
Answered on Jan 07th, 2014 at 1:10 PM
As long as you included the property in your Chapter 7 petition and as long as you claimed it as exempt, you are free to do as you please with whatever property you own. Any liens against the property will have to be paid in order for you to deliver a clear title.
Answered on Jan 02nd, 2014 at 10:44 AM
General Law Attorney serving Cherry Hill, NJ
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Mark S. Cherry, Attorney at Law, PC
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Make certain that there was an "Abandonment" by the Trustee in the Bankruptcy. If so, the answer is that you can keep the profit after payment of the secured debts,
Answered on Dec 31st, 2013 at 7:41 AM
Chapter 7 Bankruptcy Attorney serving Santa Monica, CA
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Law Offices of Glenn T. Litwak
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Yes. The trustee can only go after the sale proceeds for 6 months after discharge.
Answered on Dec 31st, 2013 at 7:41 AM
Consumer Bankruptcy Attorney serving Los Angeles, CA
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Orantes Law Firm
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If your case is closed, yes. In some situations, the Trustee would be entitled to administer an asset acquired after the filing for the creditors, but the profit from a sale of a property three years after the debtor received a discharge (assuming the case was closed soon thereafter), is not one of them.
Answered on Dec 30th, 2013 at 11:49 PM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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If your bankruptcy is closed, yes, you may keep the profit. If your case is not closed, visit with your attorney, but you are likely still okay.
Answered on Dec 30th, 2013 at 11:49 PM
Assuming your bankruptcy is closed (receiving a discharge is not the same as having your case close) and your home was protected by a homestead exemptionwhich allows you to keep your home after bankruptcy-then yes, you may keep all proceeds from the sale of your home. You should review any and all paperwork that you received from the court and the trustee's office to ensure that your bankruptcy case has closed properly.
Answered on Dec 30th, 2013 at 11:48 PM
Deborah F. Bowinski
Yes, as long as the property was correctly listed an valued in your bankruptcy schedules at that time.
Answered on Dec 30th, 2013 at 11:46 PM