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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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can i sell my home if my bankruptcy case has not closed i have

This answer was rated:

can i sell my home if my bankruptcy case has not closed i have settled the assets that the trustee requested? I live in California.

WALLSTREETESQ :

was it a chapter 13 or chapter 7 case?

Customer:

i believe its chapter 7 i have no debts after the filing debts were wiped out, and i had to pay 35000.00 to settle the assets with the trustee

WALLSTREETESQ :

will you sell it for any profit?

Customer:

can you please answer my question?

WALLSTREETESQ :

did you list the home in your bankruptcy?

Customer:

yes, the court wanted to give me 175000.00 because i am over 65, if the house sells the profit may be 50000.00.

Customer:

yes the homne was listed in the bankruptcy, thats why i had to pay the 35000.00 because it appraised higher than what the court allowed.

WALLSTREETESQ :

In most cases you would have to wait for the official discharge,

WALLSTREETESQ :

as you do not want to risk the Court taking any of the profit from you,

WALLSTREETESQ :

since you will obtain a significant amount, I would wait for discharge,

WALLSTREETESQ :

since the case is not closed, the trustee will review the sale,

Customer:

so i should take my home off the market, i just had an offer 465000.00 i oswe 230000.00

WALLSTREETESQ :

I would keep it on the market,

WALLSTREETESQ :

and see if you can put a closing date of 3-6 months from now, as you should have the discharge by then, if not earlier.

Customer:

i will be 66 in just a few months, that will be the only monies i will have to live on till i die.

WALLSTREETESQ :

That is why you should consider being 100% in the clear with the profit,

WALLSTREETESQ :

If you cannot wait, your only other option is to send a letter to the trustee asking him for permission to sell,

Customer:

i filed in march 2013 and they are telling me the case wi8ll close in march of 2014.

WALLSTREETESQ :

if you need the money now,

WALLSTREETESQ :

and want to sell that is possible, since you have been given an exemption from the trustee,

Customer:

yes because i am on disability

WALLSTREETESQ :

you can take this course of action, however I would inform the trustee, as he may want to see the contract,

WALLSTREETESQ :

I would send a letter stating to him that an offer was made for the home, and

WALLSTREETESQ :

you may decide to sell it,

WALLSTREETESQ :

and see if any response is given back to you,

WALLSTREETESQ :

if he does not have an issue due to the equity being exempted, as he should,

WALLSTREETESQ :

you can do this now, without discharge

Customer:

ok, thank you for your input,

WALLSTREETESQ :

Good luck, and if you have any further questions please do not hesitate to ask.

WALLSTREETESQ :

If satisfied please provide us with positive feedback, thank you

Customer:

Great service... responded very quickly .. will use this service again rate a 10.

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