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Selling Your Home While In Chapter 13 Bankruptcy

Posted By admin || 24-Oct-2008

Can You Sell Your Home While in Chapter 13 Bankruptcy?

If you're in Chapter 13 bankruptcy you can still sell your home but you must first get approval from the bankruptcy court before you close on the property. The bankruptcy court must approve the terms of the sale and your attorney must notify all of your creditors before the property is sold. You attorney must disclose to the bankruptcy court and creditors the home's sale price, the value of the property and proof of the current value of the property and how you propose to allocate the proceeds from the sale.

After the Home is Sold

After the home is sold your attorney must provide to the bankruptcy trustee and creditors the sale price, all deductions and the profit made from the house. All proceeds must be paid directly to the bankruptcy trustee. If the proceeds are enough to pay off your Chapter 13 bankruptcy debts your case will be discharged.

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Categories: Chapter 13 Bankruptcy
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