QUESTION
Will the trustee get a share of my money if I sell my home after a bankruptcy?
Asked on Oct 28th, 2011 on Bankruptcy - California
More details to this question:
I am in a Chapter 13 and it has been 180 days since I have filed. My parents passed away and left me and my sibling the house. When we sell and proceeds come, does the trustee get the share of my money?
10 ANSWERS
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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If you are in an active BKY case, then YES… your share WILL be paid over to the trustee and s/he will distribute it to the creditors. Do NOT for ONE SECOND try to keep this information away from the Trustee; BKY crimes carry a stiff penalty AND you can also lose the dischargability of ALL included debts.
Answered on Nov 02nd, 2011 at 11:22 AM
Glen Edward Ashman
I hope you didn't do your bankruptcy pro se. Sit down with your lawyer to determine your course of action. The date of death is critical, and other facts you did not post matter.
Answered on Oct 31st, 2011 at 12:07 PM
Spencer Hale
Not necessarily. If the property is exempt then you could keep the money if you elect reinvest the money in a primary residence... There are so many options that you have with this. It would be wise to set up a consult with an attorney to discuss all the possibility.
Answered on Oct 28th, 2011 at 7:03 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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When you sell your home after a chapter 7 case is over the trustee doesn't get a share of proceeds. In a chapter 13 you need trustee permission to sell a home. In some situations the trustee may put in a demand for payment. Consult with your bankruptcy attorney in this regard.
Answered on Oct 28th, 2011 at 5:30 PM
Bankruptcy Chapter 11 Attorney serving Dacula, GA
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Chronister Law Firm, LLC
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You will need to report this to your attorney or trustee. If you need any of the proceeds for a specific purpose, inform the trustee and request to retain that portion of the proceeds.
Answered on Oct 28th, 2011 at 5:09 PM
William C. Gosnell
Yes the trustee gets your share that is greater than the Homestead Exemption.
Answered on Oct 28th, 2011 at 3:41 PM
Debtor's Rights Attorney serving Atlanta, GA
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Theodore N. Stapleton, P.C.
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No. Not if money is received after 6 months from filing date.
Answered on Oct 28th, 2011 at 3:36 PM
Bankruptcy & Debt Attorney serving Jackson Heights, NY
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Ruiz Law Group PC
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Yes the proceeds will have to be turned over to the trustee and then distributed according to your chapter 13 plan.
Answered on Oct 28th, 2011 at 3:16 PM
Bankruptcy Attorney serving Jacksonville, FL
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Robert L. Peters, Attorney
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First thing you need to do is get in to see your Bk lawyer. The answer is it depends on the very specific facts of your case. You are right on the edge of 180 day rule where the trustee can assert a right to the proceeds.
Answered on Oct 28th, 2011 at 3:16 PM
judith runyon
You can't sell it without court approval and then yes, your proceeds must come into your bankruptcy estate UNLESS your plan is paying 100% to your unsecured creditors. Talk to your bankruptcy attorney.
Answered on Oct 28th, 2011 at 3:15 PM