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Ellen
Ellen, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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My husband panicked and petitioned for Chapter 13. This week

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My husband panicked and petitioned for Chapter 13. This week he was appraoched by an investor who wants to buy the home in a short sale. Can he withdraw his petition for chapter 13 and then do the short sale and go to the lender with the short sale
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

Hello,

Thank you for your question. My name is XXXXX XXXXX I will do whatever I can to answer your questions!

Yes – your husband may dismiss his Chapter 13. A Chapter 13 debtor has the right to dismiss a bankruptcy petition. Your husband would then be able to negotiate the short sale directly with the buyer and lender

I would be glad to continue our conversation and respond to any follow-up questions that you may have.
Customer: replied 3 years ago.

So should he go in to the court tomorrow and withdraw the petition and then immediately contact the lender or wait until the nexy business day?


If your husband has an offer from the buyer, he may want to present that offer to the lender prior to dismissing the Chapter 13. This way if the lender rejects the offer, he is still protected by the chapter 13 bankruptcy from foreclosure
Customer: replied 3 years ago.

Really? Okay, thank you because we have been told many different things. And one of them was to withdraw the petition before approaching the lender because the lender would not allow us to do a short sale once petition filed. it is all so confusing

It is confusing. If the lender consents to the short sale, you will need to either dismiss the petition or obtain court approval. However it is typically unwise to dismiss the petition prior to obtaining lender consent to the short sale
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience: Bankruptcy Lawyer. Experienced.
Ellen and 4 other Bankruptcy Law Specialists are ready to help you

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