QUESTION
Do I have to find a buyer first, before I ask the bankruptcy court or just tell them that I want to put it on the market?
Asked on Jan 09th, 2014 on Bankruptcy - New Jersey
More details to this question:
We have been in chapter 13 for 1 year, I owe $16,000 left on our home. Can we ask the court if we have to find a buyer first, or will they just give us permission to put it on the market.
8 ANSWERS
Debt Settlement Attorney serving Chicago, IL
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Law Offices of Daniel J. Winter
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Call your attorney to discuss your options, and how to sell a house in a Chapter 13, and the consequences. If you don't have an attorney, get one.
Answered on Jan 13th, 2014 at 7:13 PM
If you don't already have an attorney, you should contact the Chapter 13 trustee for permission to sell your home. They will tell you what is needed, including whether you need to amend your Chapter 13 Plan.
Answered on Jan 13th, 2014 at 7:12 PM
NA hordjc@yahoo.com
Do you have an attorney for your Chapter 13 case? If so, then I can't give you any legal advice. You will need to contact him.
Answered on Jan 13th, 2014 at 4:55 PM
Deborah F. Bowinski
If you are in a chapter 13 bankruptcy case chances are good that you have a lawyer. You should be asking your lawyer these questions. The exemption laws, chapter 13 practices, and plan provisions of your confirmed plan will all affect the answers. Only your lawyer has sufficient information about your case to be able to advise you appropriately.
Answered on Jan 10th, 2014 at 8:14 PM
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Find a buyer first. Then file a motion to approve the sale.
Answered on Jan 10th, 2014 at 8:13 PM
When you are in Chapter 13, after your Chapter 13 plan is confirmed by the Court, you can put your house on the market. When you find a buyer, you then have to get authorization from the Chapter 13 Trustee to sell the home. You have to file a Notice of Intent to Sell and give 21 days notice to all creditors. After that notice period expires, and nobody objects, you can get a court order that allows you to close the sale.
Answered on Jan 10th, 2014 at 8:13 PM
If you want to sell your house while in a Chapter 13, you will need court permission for the sale to go through. So you will need to have an offer on the table and the court permission will only apply to that specific offer.
Answered on Jan 10th, 2014 at 8:12 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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Normally, in this District, we provide the Trustee with Notice of Listing the Property, and get permission to retain the Broker (Listing Agent) and then when a Contract is signed, it is put before the Court on Motion to Approve the Sale and other related relief (such as keep of exempted proceeds etc.)
Answered on Jan 10th, 2014 at 8:11 PM