QUESTION
Can I sell condominium and keep profits from the sale after I surrendered it in bankruptcy if the case is not closed?
Asked on Nov 08th, 2013 on Bankruptcy - New Jersey
8 ANSWERS
You can sell before your case is closed with court permission or after case is closed without court permission, assuming that the trustee did not sell the property first.
Answered on Nov 13th, 2013 at 12:29 PM
General Law Attorney serving Cherry Hill, NJ
at
Mark S. Cherry, Attorney at Law, PC
Update Your Profile
If there is an "Abandonment" of the condo by the Trustee.
Answered on Nov 13th, 2013 at 12:27 PM
2 Awards
You will have to work with the Trustee to abandon the property if the profits are within the homestead exemption.
Answered on Nov 13th, 2013 at 12:27 PM
Consumer Bankruptcy Attorney serving Los Angeles, CA
at
Orantes Law Firm
Update Your Profile
Certainly. If trustee knew about the property and didn't choose to administer it, the profit is yours.
Answered on Nov 13th, 2013 at 12:27 PM
2 Awards
If the condo is your primary residence then you may sell it at any time and keep the proceeds. I recommend you wait to do so to avoid the cost of having to seek court approval or file a motion to compel the trustee to abandon the property. If it is not your primary residence then you cannot sell it until after the case closes, unless you file a motion to compel the trustee to abandon it. The trustee will only abandon it if there is no equity and you are doing a short sale. Even then, the trustee may decide he wants to do the short sale and obtain some income through the sale for payment to your creditors.
Answered on Nov 13th, 2013 at 6:48 AM
Deborah F. Bowinski
Assuming you can sell it for more than the amounts owed on the mortgage loan(s), HOA fees, and property taxes, the answer is yes.
Answered on Nov 11th, 2013 at 9:39 AM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
Depends on whether or not the Trustee has abandoned same.
Answered on Nov 11th, 2013 at 9:14 AM
Bankruptcy Attorney serving Grand Rapids, MI
at
David Andersen & Associates, PC
Update Your Profile
You can't sell it until the Trustee has abandoned the asset for the bankruptcy estate. If the case isn't closed then the trustee hasn't abandoned the asset yet.
Answered on Nov 11th, 2013 at 9:14 AM