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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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How soon after beginning bankruptcy can I sell my house and

Resolved Question:

How soon after beginning bankruptcy can I sell my house and keep the profits?

I'd like the answer for both chapter 7 and chapter 13, please.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 4 years ago.
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The chapter 7 bankruptcy estate and exemptions are determined as of the date of filing. Therefore technically you could sell your house the day after you file for chapter 7 and keep your homestead exemption. Most people find it preferable to avoid trustee questioning concerning the sale and therefore wait until after the 341 hearing. The 341 hearing takes place about 40 days after filing.

In a Chapter 13, the homestead may be sold at any time. Sale of the property requires court approval

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Expert:  Ellen replied 4 years ago.

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