Selling Your If Your In A Chapter 13 Bankruptcy
I filed for chapter 13 1/03. I am on a 5 year plan. I have the house in my bky and also 13 unsecured creditors of whom I pay nothing to. My trustee payments are for the mortgage rears only. My question is can I sell my house while in chapter 13 bky .My balance is 45K, my rears are 8.
thanks you
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[ Edited by Gmaccm1 on Date 10/19/2004 ][ Edited by Gmaccm1 on Date 10/19/2004 ]
If you're in a "live" 13, you no longer control the RE, and any decision like this has to go through and be approved by the trustee.
So either your lawyer or you, if you're "pro se" (sans lawyer) would have to file motion and ask for court order to sell the RE.
You absolutely can sell your home out of a CH13. The court will have no problem with it because it will satisfy a major creditor (which is the whole point of a CH13) and expedite your plan.
Your primary concern will be to make sure the sale covers both your balance and the arrears. Also, any procedes left over after the mortgage is satisfied SHOULD be safe from your other creditors (it was in my case).
Be sure to discuss your intent to sell and the disposition of the procedes with your attorney.
Good Luck!
I am currently tring to buy my childhood home from my dad he has filed Chapter 13 is there any luck for me...? Although me buying the house would not settle the entire bankrupcy but it would get the house and land off of it. Any advice... email me at **Please See My Profile**