Are you planning on selling a property in bankruptcy, but aren’t sure of the best way? Filing bankruptcy and selling a house is a challenging process, but there is a quick and easy way to do it. This article will give you some helpful tips on what steps to take.
One of the most common forms of bankruptcy being filed by individuals is Chapter 7 bankruptcy. During Chapter 7, an individual will liquidate their assets and the money will go directly towards paying off the collectors.
When a town, city or school district goes into debt, they can file for Chapter 9 bankruptcy. This type of bankruptcy is for municipalities that need to readjust their finances.
Businesses of all sizes can file for Chapter 11 bankruptcy to renegotiate interest rates or payment plans.
Chapter 12 bankruptcy is specifically for people who fall under the categories of “family fishermen” or “family farmers”. These people get three to five years to pay off any debts.
Chapter 13 bankruptcy is another very common form of bankruptcy. Individuals with a reliable and regular form of income can file for Chapter 13 and make monthly payments on their debts.
Chapter 15 bankruptcy is for debt disputes that concern two or more countries.
Selling your property while in Chapter 7 or Chapter 13 bankruptcy is possible, but it’s important to understand and follow the correct legal procedures.
Because Chapter 7 bankruptcy involves the liquidation of assets, many individuals who opt for this form of bankruptcy lose their homes to foreclosure. However, if your home is considered exempt, you’ll still own and have full control over it. If this is the case, you can sell your home after filing Chapter 7, but the bankruptcy court will have to grant you permission to do so.
Filing for Chapter 13 and selling your house is a much more feasible option. Because Chapter 13 involves monthly payments instead of liquidation, you’ll still own your home throughout the process. Selling your house after filing Chapter 13 still requires you to get approval from a bankruptcy court or a trustee.
If you want to sell your condo, apartment or townhouse during bankruptcy or after bankruptcy discharge, our company is here to help! The investors at Dallas Fast House Buyer are the best in Dallas, TX and the surrounding areas. Our house buying company makes selling your house quick and easy.
If you’re ready to sell your home, we’re ready to buy, no matter what condition it’s in! We purchase all property As Is, and we purchase it for a fair price. There are no appraisals, repair requests or due diligence periods. We take one walkthrough before making a cash offer.
We take pride in being the fastest cash house buying company in Dallas, TX and the surrounding areas. We close on deals quickly, and our average time from start to finish is within 3 to 30 days. If you want to sell fast, we’re the company for you.
When you sell directly to our investors, you never have to worry about the deal falling through at the mortgage approval step. We use alternative funding for our investments, so we can make cash offers that are guaranteed.
We proudly offer the easiest real estate transactions around. Not only do we handle all of the required paperwork that’s involved in the sale, but we also make an offer after seeing your property once. We just need one walkthrough, so you can avoid scheduling showings and open houses.
When we make you our initial cash offer, that’s exactly how much you’ll receive on closing. We never add on hidden fees or extra costs, and we always pay for the closing costs. You know exactly how much money you’re getting at the very start of the selling process.
Yes, you may be able to sell your house before filing for bankruptcy, but it’s important to understand the risks. Selling your house before filing for bankruptcy as an attempt to avoid paying creditors is fraud, so make sure you consult a professional legal team before you act.
If you’re granted permission to sell your property, our team of investors can help. We’ll buy your home fast — no matter it’s condition — in a quick and easy transaction.
All house sales during bankruptcy must be approved by a bankruptcy court or a trustee. A short sale during bankruptcy is no different. First, the court will determine if the sale makes sense for you and your lenders.
If it’s determined that it’s beneficial, you’ll be permitted to proceed, and Dalla Fast House Buyer will be there to help! We work closely with short selling companies to make the process easy and stress-free.
Generally speaking, the soonest you can sell your house after filing for bankruptcy is 30 days. However, these laws change from state to state, so it’s important to know the laws in your specific area. In some cases, you’ll have to wait anywhere from three to six months.
Once you’re legally able to sell your home, we’ll handle the entire process, so you don’t have to worry. We make the selling process stress-free and as easy as possible for you.
Because trustees don’t get paid from asset liquidation in Chapter 13 bankruptcy, you won’t have to pay them a percentage of the sale price. Trustees get paid by taking a set percentage of the monthly payments you make to your lenders. The percentage varies, but it’s never more than 10%.
Although a trustee doesn’t directly benefit from the sale of your home, your payments may increase. If this happens, the trustee will also be earning more each month.