QUESTION
I have sold my house and I will have $49,000 in equity will the trustee of my Chapter 13 take this equity to pay debts?
Asked on Nov 18th, 2012 on Bankruptcy - Florida
More details to this question:
I am in the 18th month of paying my chapter 13. Will the trustee make me pay back all of the equity I have from the sale of my house?
8 ANSWERS
William C. Gosnell
Yes.
Answered on Apr 30th, 2013 at 12:31 AM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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Question: I have sold my house and I will have $49,000 in equity will the trustee of my Chapter 13 take this equity to pay debts? Question Detail: I am in the 18th month of paying my chapter 13. Will the trustee make me pay back all of the equity I have from the sale of my house? *- if you sell it, YES ....... those funds will DEFINITELY be used towards the payment of creditors*
Answered on Nov 23rd, 2012 at 3:29 AM
Most likely the trustee will take the equity. This money will probably be considered disposable income and taken to pay off your creditors. You should seek the advice of an experienced bankruptcy attorney about how to best proceed.
Answered on Nov 21st, 2012 at 9:06 AM
Talk to your attorney about the terms of your repayment plan. Those will control what happens to that money.
Answered on Nov 20th, 2012 at 5:22 PM
Did you claim it as exempt on Schedule C of your petition? If so, the Trustee cannot take it, if not, the Trustee can take this money.
Answered on Nov 20th, 2012 at 5:21 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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You must ask your bankruptcy attorney. The answer depends on where you live, where you filed your bankruptcy, the terms of the plan and the policies of the trustee. If you do not have a good chapter 13 bankruptcy attorney you need to consider hiring one.
Answered on Nov 20th, 2012 at 5:21 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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Anything that was not exempted out. You should have filed an amendment and a Motion for permission to sell. All of this should have been worked out before you sold the property. This applies in NJ.
Answered on Nov 20th, 2012 at 5:20 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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It would be a good idea to try to negotiate the amounts owed down.
Answered on Nov 20th, 2012 at 5:18 PM