QUESTION

Can I sell my house and keep my equity if my bankruptcy was already closed?

Asked on Feb 04th, 2015 on Bankruptcy - Illinois
More details to this question:
I'm positive that it was closed and not just dismissed.
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9 ANSWERS

Bankruptcy Attorney serving Schenectady, NY
2 Awards
Yes that should be no problem.
Answered on Feb 06th, 2015 at 12:55 PM

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Bankruptcy Attorney serving Las Vegas, NV at A Fresh Start
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Of course. Your equity is, by definition, the sales price, less payment of the secured debt and less payment of sales costs. Your equity would have been protected by your exemptions declared on Schedule C of your bankruptcy.
Answered on Feb 05th, 2015 at 3:21 PM

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On these facts, yes.
Answered on Feb 05th, 2015 at 4:38 AM

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Deborah F. Bowinski
It sounds as though you are getting your terminology confused. A case will be DISCHARGED if it is completed correctly and the debtor is entitled to bankruptcy relief. A case will be DISMISSED if for some reason the debtor does not or cannot complete what is necessary or, if the debtor is not entitled to the relief requested. If a case is dismissed then the debtor is right back where they began without any debt relief. A case is CLOSED only after one or the other of the previous things happens, and only after all the administrative work in the court has been completed. Until your case is closed, or until your trustee abandons the asset, you do not have the ability to sell your home. If the property has equity below the amount that you can (and have) claimed as exempt you can file a motion for abandonment and ask the court for an order which will permit you to proceed with a sale.
Answered on Feb 05th, 2015 at 4:37 AM

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Commercial & Bankruptcy Law Attorney serving Powell, OH at Ronald K. Nims
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Regardless of whether your bankruptcy was discharged and closed or dismissed, once it's over you can keep the equity in your home.
Answered on Feb 05th, 2015 at 4:36 AM

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Chapter 13 Bankruptcy Attorney serving New York, NY at Law Office of William Waldner
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Yes, if your case was closed and the trustee abandoned the asset you can sell your house. You should contact your attorney and/or trustee to confirm this.
Answered on Feb 05th, 2015 at 4:36 AM

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Bankruptcy Attorney serving Las Vegas, NV
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Yes. If your case is closed you may do what you wish with your property.
Answered on Feb 05th, 2015 at 4:36 AM

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Appellate Attorney serving Grosse Pointe Farms, MI at Musilli Brennan Associates, PLLC
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It is impossible to answer your question of the facts presented which do raise issues. Please contact a bankruptcy lawyer if you do not have one.
Answered on Feb 04th, 2015 at 6:24 PM

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Debt Settlement Attorney serving Chicago, IL at Law Offices of Daniel J. Winter
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Without all the facts I cannot answer this. It depends on why your case was closed. This is a question for your lawyer.
Answered on Feb 04th, 2015 at 6:23 PM

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