QUESTION
If my house is in short sale, should I still list my home when I file for bankruptcy?
Asked on Jul 09th, 2012 on Bankruptcy - California
9 ANSWERS
Yes. And filing the bankruptcy will stop the short sale, at least temporarily.
Answered on Aug 10th, 2012 at 3:40 PM
Bankruptcy Attorney serving Oakdale, CA
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Law Office of Todd Whiteley
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The first question to ask is what benefit the short sale offers you. If you are planning on filing bankruptcy anyway, why not just take care of the home debt through the bankruptcy?
But absolutely list any debt(s) you owe regarding the house in your bankruptcy paperwork. This is especially important regarding any 2nd and 3rd mortgages. Short sales will not always address the debt owed on these mortgages and bankruptcy will.
You may need to obtain court permission to sell the house after you file bankruptcy.
Answered on Aug 10th, 2012 at 3:39 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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When you file a bankruptcy petition you must disclose, that is, list all assets and all debts.
Answered on Aug 10th, 2012 at 3:39 PM
Criminal Defense Attorney serving Calabasas, CA
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Law Office of Bernal P. Ojeda
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Yes you must list all assets and debts.
Answered on Aug 10th, 2012 at 3:38 PM
I assume you are considering Chapter 7, in which case you would list the property on your Bankruptcy schedules and indicate your intention is to surrender the property. Most likely, if there is no equity beyond what is exempted by law, the Chapter 7 trustee will have no issue with that.
Answered on Aug 10th, 2012 at 3:35 PM
Yes. If you still own your home when you file bankruptcy, you must list your home in you bankruptcy schedules.
Answered on Aug 10th, 2012 at 1:57 PM
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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Yes, if you are still the registered owner of the property.
Answered on Aug 10th, 2012 at 1:52 PM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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You are required to list all property you own at the time you file. You cannot complete a short sale after filing for bankruptcy without court approval.
Answered on Aug 10th, 2012 at 1:50 PM
Bankruptcy Decision Attorney serving San Diego, CA
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Law Office of Daniel G. Shay
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Yes, all assets must be listed and you still own it. But, a you will need permission from The Court to sell Estate Property while in BK, so you may want to sell before filing. Or not sell at all and just do the BK. Or sell after Discharge.
Answered on Aug 10th, 2012 at 1:46 PM