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Filing for bankruptcy and selling a house is one way to eliminate debt and get money for your property. However, selling a property in bankruptcy can be both time-consuming and complicated. Read on to find out the best and easiest way to sell your house, condo, apartment or townhouse when going through bankruptcy!
One of the most common forms of bankruptcy is Chapter 7 because it can be filed by individuals. When someone files Chapter 7 bankruptcy, their non-exempt assets are liquidated and the money is used to pay off collectors.
Cities, towns and other municipalities file Chapter 9 bankruptcy in order to reorganize their debts.
Chapter 11 bankruptcy is primarily for businesses. Companies who file will work with collectors to reorganize their debts through new payment plans and adjusted interest rates.
Chapter 12 bankruptcy allows “family fisherman” and “family farmers” to pay back their debts over a longer period of time, but usually within three to five years.
Another of the most common forms of bankruptcy is Chapter 13 bankruptcy. Chapter 13 is also used by individuals. Instead of liquidating assets, it allows individuals with a consistent income to pay back their debts in monthly increments.
Chapter 15 bankruptcy is used to resolve debts involving more than one country.
On the whole, it’s much easier to sell your home during Chapter 13 bankruptcy, but it’s also possible to do so when filing Chapter 7 if you follow the rules and meet the legal requirements.
Unfortunately, house foreclosures are very common during Chapter 7 bankruptcy because it involves liquidating valuable assets. If your property is deemed exempt, you can sell your house during bankruptcy, but you will be required to first have permission from the appropriate bankruptcy court.
Chapter 13 bankruptcy involves making monthly payments to collectors, so you don’t have to worry about losing your home during liquidation. Because of this key difference to Chapter 7 bankruptcy, filing chapter 13 and selling your house is a more likely option. However, in order to sell, you still need to get approval for the sale from your trustee and bankruptcy court.
When you decide to sell your home during or after bankruptcy, it’s important to work with reliable professionals who will make the process easy and stress-free. That’s where we come in! San Antonio Cash Home Buyers is the best house buying company in San Antonio, TX and the surrounding areas.
Does your home need some renovations before being sold on the market? When you sell to us, you don’t have to worry! We’ll buy your house As Is no matter its condition. You can get a fair price and forget about dealing with appraisals, repair requests or due diligence periods.
We pride ourselves in making some of the fastest real estate deals in San Antonio and the surrounding areas! We close on deals within 3 to 30 days on average, so you can enjoy a fast selling process and walk away with your money in no time!
Selling on the market can easily lead to deals falling through at the mortgage approval process. On the other hand, we work with private investors and make cash offers. When you sell to our company, we have the cash to buy your home ready to go!
We work hard to make the selling process as easy for you as possible. There’s no need to organize multiple showings or open houses because we’ll make you an offer after the first walkthrough. We even take care of all of the paperwork involved in selling your house!
Our contracts are always honest and straightforward. We’ll never charge last-minute or hidden fees, and you’re never expected to pay for closing costs. We’ll never take away from your cash payment with extra costs or fees. You’re guaranteed to walk away on closing day with the full amount.
Selling your house before filing for 13 bankruptcy comes with plenty of risks and legal complications. In fact, selling before filing for bankruptcy can sometimes be labeled as fraud. The best way forward is to follow the legal requirements and attempt to label your house as exempt for Chapter 7.
If you are permitted to sell your home, we offer a completely hassle-free selling process. We’ll buy your home As Is and we’ll buy it quickly for a fair price!
You can sell your home during bankruptcy as long as you have permission from your court trustee. A short sale during bankruptcy is no different, but the court might make further enquiries to make sure the sale works for you and benefits your lenders.
Although short sales can be convoluted processes, we make them easy for you! Our investors work with professional short selling companies to speed up the process and communicate effectively with the bank.
The laws involving selling a home after filing for bankruptcy vary from state to state. One state might allow you to sell after 30 days, while another might require you to wait three months. More complicated cases can mean you have to wait up to six months after bankruptcy discharge.
When the court officially permits you to sell, our company is your best option. We make the selling process easy and we close on deals faster than anyone around.
Unlike during Chapter 7 bankruptcy, Chapter 13 bankruptcy trustees don’t make their money from asset liquidation. That means that when you sell your home during Chapter 13 bankruptcy, the money will go directly to you, not to your trustee or lenders.
A trustee collects anywhere from 3% to 10% of the monthly payments you make to your lenders. Therefore, if you sell your home and your monthly payments increase, your trustee will also receive more money per month.