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Many people think that selling a property in bankruptcy is too difficult a task to even consider. The reality is that filing for bankruptcy and selling a house, condo, townhouse or apartment doesn’t have to be intimidating if you’re well-informed. Read this article to discover practical solutions you can use!
When most people think of bankruptcy they think of Chapter 7 bankruptcy. It’s one of the most common forms and it involves asset liquidation. Individuals opting for Chapter 7 sell off valuables and use the money to pay back lenders.
Chapter 9 is less common because it’s only used by municipalities, such as cities of all sizes, townships and school districts.
Businesses big and small file Chapter 11 in order to save their business after the bankruptcy period is over by changing the terms on their debts.
A “family fisherman” or “family farmer” who would like to pay back their debts over three to five years file for Chapter 12 bankruptcy.
Chapter 13 bankruptcy is another common form of bankruptcy for individuals to file. Chapter 13 allows individuals with a consistent form of income to make monthly payments towards their debt.
Chapter 15 is only used for foreign businesses that have debt cases in two or more countries.
There are definitely ways to sell your home after filing for Chapter 7 or Chapter 13 bankruptcy. In general, it’s more common to sell under Chapter 13, but there are ways to sell when filing either type.
Chapter 7 bankruptcy is also called liquidation bankruptcy because you must sell off all non-exempt valuables to pay back any debts. These valuables can include your home, which means foreclosures happen often. If your property is exempt, you can sell it yourself, but you need to request approval from the bankruptcy court.
If you’re thinking about filing for chapter 13 and selling your house, it’s important to understand the legal procedure. You’ll still own your house throughout the process and are generally free to sell it, but you still need to get the sale approved by your trustee and by the bankruptcy court.
The best way to sell your home during bankruptcy or after bankruptcy discharge is to sell directly to Huntington Beach Cash Home Buyer. We’re the best and fastest house buying company in Huntington Beach, CA and the surrounding areas, and we make selling your home in bankruptcy painless and stress-free.
Don’t waste precious time and money on repairs in the hopes of attracting potential buyers. We’ll buy your house in any condition, so you can sell As Is no matter what. Skip the appraisals and never worry about repair requests or due diligence periods by selling directly to us!
Looking to sell your property fast? Then look no further! We close on real estate deals within an average of 3 to 30 days, and we’ve helped countless homeowners get cash quickly. If you need a way to make money fast, our investors are ready with an offer.
Finding a buyer for your house is exciting, but having the deal fall apart when they can’t get a mortgage is always frustrating. Our company doesn’t work with traditional banks, so we don’t need a mortgage approval. We make cash offers and we have the funds ready when you are.
Real estate sales and hassle-free transactions don’t usually go together, but that’s why we’re the best in the business! We make selling your house stress-free and simple. Skip the open houses and sell to us after one walkthrough. We’ll make a fair offer and take care of the necessary paperwork.
Our reliable investors never use hidden fees or other dishonest tactics. You’re never responsible for paying for the closing costs because we cover all of the fees associated with the sale. You simply sign the sale agreement and collect your cash on closing day.
Selling your house before filing for bankruptcy is a risky option for most people. If you’re trying to sell to avoid paying lenders, you can be charged with fraud and can face fines and even jail time.
The best option is to work with a legal team to make sure your house is protected once you file for bankruptcy. When your house is protected, you can request permission to sell it and we’ll help make selling a hassle-free process.
A short sale during bankruptcy is achievable with the approval of your court trustee. If the trustee decides that selling the house for less than what you owe makes sense to your lenders, you can proceed with the sale.
Of course, short sales can be difficult, and there’s a lot to do to make sure the deal doesn’t fall through. Luckily, our company will work directly with your bank and local short selling companies to make the rigorous process easy!
Check the specific laws where you live to find out how long you have to wait before you can sell. Different states have different procedures, and wait times vary from 30 days to nearly six months.
When it’s finally time to sell, you can sell directly to our investors to save time and money. We offer the easiest real estate transactions around, and we’ll buy your house ASAP after seeing it just once.
Your unique case will determine how much your trustee makes every month. Trustees can take as little as 3% to as much as 10% of your monthly payments to lenders.
When you sell a house during Chapter 13 bankruptcy, you need to first get permission from your trustee. The trustee might determine that the sale should lead to higher monthly payments, but they’ll still receive the same percentage as agreed upon in the bankruptcy contract.