QUESTION
If I file Chapter 7, how long after I receive my release from debt am I able to sell my home?
Asked on Jul 02nd, 2016 on Bankruptcy - Nevada
More details to this question:
I live in a 55+ community. I own my home but not the land it is on. I am Homesteaded and Domiciled.
7 ANSWERS
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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You don't necessarily even have to wait for a discharge before you can sell your home ? so long as the trustee agrees that there is no non-exempt equity for the trustee to take. Generally, the trustee's right to challenge exemptions ends 30 days after the end of the meeting of creditors, or if you amend your exemptions, 30 days after the amendment is filed. It's generally a good idea to retain a skilled bankruptcy lawyer. It's almost always worth the investment.
Answered on Aug 01st, 2016 at 2:56 AM
You don't have to wait till you get your discharge, but if you're a "belt & suspenders" kinda person, do it then.
Answered on Aug 01st, 2016 at 2:56 AM
You have to be certain that the trustee will not take an interest in your home or in the proceeds of the sale, and that depends on the exemptions you can claim. It would be worthwhile to consult with an attorney since there is a lot of money at stake.
Answered on Jul 29th, 2016 at 5:30 PM
You can sell it as soon as you get your discharge.
Answered on Jul 29th, 2016 at 5:30 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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You can sell any asset after your case is discharged or the trustee has abandoned it.
Answered on Jul 29th, 2016 at 5:29 PM
You are never going to receive a release from debt in a Chapter 7 bankruptcy. You may receive a document called a Discharge, but that may or may not do what you expect. After receiving your Discharge, you will need to wait until your case closes to sell without court or trustee approval. No one can predict with certainty how long it may take for your case to close. It could be days, months or even years. However, getting court permission to sell immediately after the discharge is entered usually is not all that difficult.
Answered on Jul 29th, 2016 at 5:29 PM
2 Awards
You must wait until your case is closed.
Answered on Jul 29th, 2016 at 11:57 AM