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Despite the potential problems you might run into along the way, filing for bankruptcy and selling a house or apartment is definitely possible. However, working with knowledgeable professionals is a must when selling a property in bankruptcy. Read through this article and discover the best way to sell your home!
One of the most common forms filed by individuals, Chapter 7 bankruptcy involves the liquidation of valuable assets. The individual who files agrees to liquidize non-exempt assets and use the money to pay back collectors.
Any municipality can file for Chapter 9 bankruptcy. This includes small towns, large cities and even school districts.
Chapter 11 bankruptcy is filed by corporations, small businesses and sole proprietors. Companies that file Chapter 11 use reorganization techniques, including changing the terms on their debts.
A “family fisherman” or “family farmer” going through financial hardship is eligible for Chapter 12 bankruptcy. Those individuals agree to pay back their debt in three to five years.
Chapter 13 bankruptcy is a common form of bankruptcy because it can be used by individuals with a reliable source of income. Under Chapter 13, debts are repaid in monthly increments.
Chapter 15 provides internationally operating businesses with a way to deal with debts when multiple countries are involved.
If you find that your home is exempt during Chapter 7, or if you opt for Chapter 13 bankruptcy, there are ways to sell your home during bankruptcy. However, no matter which route you choose, you’ll need to understand your legal obligations.
If you get your home labeled as exempt during Chapter 7 bankruptcy, you can avoid losing it to foreclosure. Once you’re certain you still own your home, you’re free to sell it. In order to move forward with the sale, you must first get permission from a trustee and bankruptcy court.
Filing for Chapter 13 bankruptcy and selling your house is much more straightforward. You don’t have to worry about losing your property or other assets during Chapter 13 because you pay your collectors in monthly installments. However, you must still get permission for the sale from the bankruptcy court.
Selling a house, condo or townhouse after filing bankruptcy is possible, and it doesn’t have to be difficult or stressful! When you sell directly to Columbus Cash Home Buyers, you’re selling to the best house buying company in Columbus, OH and the surrounding areas.
Are you worried that your home won’t sell because it’s in a bad condition? Our company will buy your house exactly as it stands! We make one quick walkthrough to assess damages before making our offer. You can skip the appraisals and due diligence period, and we’ll never request repairs.
As the best house buying company around, we like to make the selling process as convenient as possible for homeowners. That means closing on deals fast! We complete transactions in an average of 3 to 30 days, so you can get cash for your home when you need it most.
Many sellers think they’ve successfully sold their home only to have the deal fall through when the buyer can’t get a mortgage. The mortgage approval process is an uncertain step. Luckily, we have cash ready to go when we make our offer, so there’s no waiting around for mortgage approval.
Our investors make selling your home convenient and hassle-free. When you sell to us, you only have to schedule one showing because we make our offer after the first walkthrough. We make the process even easier by handling all of the annoying and time-consuming paperwork involved with selling your house.
The initial cash offer we make is what you’ll walk away with on closing day. We will never use hidden fees or require you to make additional payments. Our company pays for all of the closing costs, including any fees that are associated with selling your home.
Selling your house before filing for either Chapter 7 or Chapter 13 bankruptcy can result in serious consequences. Firstly, never sell your home early in an attempt to not pay collectors because you could face charges for fraud. However, you can sell if you follow the correct legal steps.
Once you’re permitted to sell your home, we can help you sell quickly and without adding any more stress to your life. We’ll buy your home ASAP in any condition.
Yes, homeowners are usually permitted to complete a short sale during bankruptcy. You must first request a short sale from the bankruptcy court. The court and your trustee will then decide if the sale is beneficial for your lenders.
When you’re legally allowed to proceed with the short sale, our investors will make the process easy and convenient. We partner with short selling processing companies and communicate directly with the bank so that the sale goes as smoothly as possible.
The amount of time you have to wait to sell your house after bankruptcy is different for every state. You should always double check what the laws are where you live. Some states allow you to sell as soon as 30 days after bankruptcy discharge. Other states require a three to six month wait.
When you’re finally able to sell, we’ll help you through every step of the process. Our trustworthy investors make selling your home a breeze!
When you file for Chapter 13, you agree to make monthly payments to your lenders and trustee. The trustee is paid with a percentage of that monthly payment, which can be as high as 10%.
Because you’re using your income to pay off collectors, you don’t need to liquidize your assets. If you decide to sell your house and use that money to make payments, the trustee will continue to receive the same percentage as stated in the bankruptcy terms.