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If I need to sell my home, and I only owe 30,000 on it and

if it sold for 35,000...
If I need to sell my home, and I only owe 30,000 on it and if it sold for 35,000 would I have to give the difference to my trustee? or could I keep the money? how much is the limitation?
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Answered in 9 minutes by:
12/7/2011
Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31,796
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.

 

What chapter of bankruptcy are you in?

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Customer reply replied 5 years ago
I am a chapter 13, I will be discharged in aug 2012. I have had to leave my job because of disability and want to move somewhere cheaper.

Thanks.

 

You will have to file a motion for authority to sell the property, which the court should approve. However, the trustee is entitled to 10% of the sale price as his/her fee. That will cut into the sale profits. Also, any money left over will likely be taken by the trustee and used to pay any unsecured creditors you have.

 

Thus, it is not likely that you'll realize any of the money from the sale.

Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31,796
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Customer reply replied 5 years ago
thanks.
Sure.
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Roger
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