QUESTION
Can we sell our jointly owned home before bankruptcy?
Asked on Nov 09th, 2011 on Bankruptcy - Georgia
More details to this question:
I want to sell our jointly owned house. My ex wife lives in the house and won't buy me out or sell. What are my options?
13 ANSWERS
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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A discussion of your options needs more facts.
Answered on Jun 26th, 2013 at 1:52 AM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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Yes, you can sell the house. However, you need to speak with an attorney about the impact that will have on your bankruptcy in terms of your exemptions. If you end up with cash, that may be difficult to exempt.
Answered on Nov 16th, 2011 at 2:51 PM
Family Law Attorney serving McDonough, GA
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South Atlanta Family Law
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If she does not want to sell, you cannot force her to. If you have no equity in the home, you should consider filing a chapter 7 (if you qualify) and not reaffirm the debt. By not reaffirming the mortgage debt, you will wipe out the debt against you and she alone will remain liable for the mortgage.
Answered on Nov 14th, 2011 at 11:35 AM
Bankruptcy Chapter 11 Attorney serving Dacula, GA
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Chronister Law Firm, LLC
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You can sell a home prior to filing bankruptcy, many people seek to sell their home through normal means, short sales, and even deed in-lieu of foreclosure. The sale of any property, real or personal, prior to filing bankruptcy must be conducted in an arms-length transaction; this involves a third-party and usually at a fair market value for the property being sold. You may have an issue though. If your ex-wife is in the home and you are bound by a divorce decree, in some form or another, to ensure you do nothing to impede her ability to live in the home, then you cannot sell the home without her consent. If she is on the deed or mortgage, you will not be able to complete a valid transaction to sell the home without her written consent. If you are having to pay the mortgage on the home and a divorce decree is in place that requires you to maintain those payments, you can still file for bankruptcy, but that debt will not be dischargeable.
Answered on Nov 11th, 2011 at 8:16 PM
Debtor's Rights Attorney serving Atlanta, GA
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Theodore N. Stapleton, P.C.
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You can file a chapter 7 bankruptcy proceeding if you qualify and the Trustee will sell the house.
Answered on Nov 11th, 2011 at 2:04 PM
Daniel James Wilson
No problem with selling house so long as it is a true salearm's length transaction with a stranger for fair market value. If you receive any funds from the sale keep them separate to claim the "proceeds from sale of homestead" exemption.
Answered on Nov 11th, 2011 at 12:35 PM
1 Award
Unless the divorce decree says otherwise, you can bring a lawsuit called a partition action in state court.
Answered on Nov 11th, 2011 at 9:39 AM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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You are allowed to sell a jointly owned home before bankruptcy. You will want to seek advice on how this will affect your ability to claim this asset or its proceeds as an exempt asset.
Answered on Nov 11th, 2011 at 9:13 AM
Family Law Attorney serving Indio, CA
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Law Office of Xochitl A. Quezada
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You can sell your home prior to filing bankruptcy. However, the amount you receive could potentially affect whether you can file at this time. Also, what you do with the proceeds is important. The trustee would use that money to pay creditors. I highly suggest you speak to an attorney before going forward with the sale.
Answered on Nov 11th, 2011 at 8:50 AM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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Can we sell our jointly owned home before bankruptcy? - yes, but depending on what equity you may have in the home, you may not want to convert otherwise exempt equity into an otherwise UNEXEMPT asset. Further consideration of your individual circumstances is necessary. Question Detail: I want to sell our jointly owned house. My ex wife lives in the house and won't buy me out or sell. What are my options? - Wasn't that issue addressed in the divorce decree or property settlement agreement? If she is TRULY your "ex-wife" and you are LEGALLY divorced, then there should be clarity about WHO has title to the home. Can't provide any more insight without more information.
Answered on Nov 11th, 2011 at 7:56 AM
Bankruptcy Attorney serving Hayward, CA
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Carballo Law Offices
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You can sell anything you want but you will need to report the sale and explain in the bankruptcy case what you did with any money you got from the sale. The money cannot simply disappear.
Answered on Nov 11th, 2011 at 7:56 AM
Bankruptcy & Debt Attorney serving Jackson Heights, NY
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Ruiz Law Group PC
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I am assuming that you are already divorced. Your options may be to seek a partition action forcing your ex to sell.
Answered on Nov 11th, 2011 at 7:55 AM
Glen Edward Ashman
You can hire a lawyer, spend months or years and lots of money and file a partition case, spending tons of money and likely complicating a bankruptcy. Or you can abandon the idea and see a bankruptcy lawyer.
Answered on Nov 11th, 2011 at 3:13 AM