When you’re going through bankruptcy and also selling a house, you can easily find yourself overwhelmed with the number of demanding responsibilities and complications on your plate. That said, when you know your possible options, selling a property in an active bankruptcy can be a more simple and fast-moving undertaking.
Chapter 7 bankruptcies are one of the most common types of bankruptcies. Individuals who need protection from creditors can file for a Chapter 7 bankruptcy to liquidate their assets.
Chapter 9 bankruptcy is only an option for municipalities. This type of bankruptcy allows school districts, cities, and towns to reorganize their debts and repay creditors over a set amount of time.
Businesses and individuals have the option to file for a Chapter 11 bankruptcy to repay creditors by adjusting payment amounts and interest rates.
Farmers and fishermen who earn regular annual income can file for a chapter 12 bankruptcy to pay off debts in regular installments, typically for 3-5 years.
Another common type of bankruptcy is Chapter 13, which allows wage earners to formulate a repayment plan to settle debts. This type of bankruptcy involves making monthly payments for typically 3-5 years.
Chapter 15 bankruptcies involve foreign claimants, debtors, and assets. This type of bankruptcy allows for U.S. bankruptcy courts to assist in cases where another country is involved.
Chapter 7 bankruptcy, also referred to as liquidation bankruptcy, involves many legal restrictions that apply to being able to sell your property. Many individuals who file for Chapter 7 bankruptcy surrender their property to pay off debts, but if you don’t give up your home, you need the court’s approval to list your residence.
Receiving permission to sell can take 30 days or longer, assuming there aren’t complications like tax liens involved. Likewise, if the trustee wants to repay creditors by selling your home, they also need the court’s permission.
Because Chapter 13 bankruptcies involve the reorganization of debts instead of liquidating assets, residential property isn’t surrendered during this type of bankruptcy.
That said, selling your house during an active chapter 13 bankruptcy means you need to file a Motion to Sell Real Property and receive the court’s approval, which typically can take 1 month. Unless your mortgage lender will incur financial harm, you could receive permission to sell.
The best way to sell your house during a bankruptcy or after bankruptcy discharge is with the most reliable and experienced cash house buyers in Dallas, Texas and the surrounding area. Dallas Cash Home Buyers can quickly buy any property “As Is” and typically closes deals in 3 to 30 days.
You can receive an obligation-free offer on your property as it stands today, no matter the current defects. When you sell to us, you avoid any due diligence period or needing to make any repair requests. After we complete one conveniently scheduled walkaround, we’ll offer you a straightforward cash amount.
Dallas Cash Home Buyers works hard to close deals as quickly as possible. As the fastest local cash house buyer, we typically finalize transactions on townhouses, apartment buildings, condos, and other property types within 3 to 30 days. When you want to sell your residence fast, we have you covered.
When you’re trying to exchange your property for emergency income, the last thing you need is a deal falling through because a buyer couldn’t get mortgage approval. Fortunately, there’s no need to worry about this scenario when you call Dallas Cash Home Buyer. We have pre-approved funds already secured!
Going through bankruptcy means you’re most likely already dealing with a mountain of responsibilities and confusing paperwork. Dallas Cash Home Buyers organizes all necessary paperwork for homeowners, makes multiple home tours unnecessary, and simplifies real estate transactions. Simply put, selling a house for much-needed funds becomes as hassle-free as possible.
Selling your home to Dallas Cash Home Buyers means you don’t pay out of pocket for any expenses associated with our real estate transaction. Instead, we take care of all fees connected with selling your property ourselves. You pay zero commissions or closing costs, and instead simply collect your cash.
Fraud charges may happen when you engage in pre-bankruptcy planning, which you risk by selling nonexempt property to attempt improving your exemptions when you file for bankruptcy in the near future. Whether you’re going through Chapter 7 or Chapter 13 bankruptcy, you could be in serious legal trouble if your court-appointed trustee suspects fraud.
With this information in mind, sell your home during bankruptcy or after bankruptcy discharge by calling Dallas Cash Home Buyers. We quickly buy properties As Is!
With your court-appointed trustee’s approval, you can complete a short sale of your property during bankruptcy. Generally, trustees will approve a short sale if the sale would benefit both you and the lender.
To make short selling your home a streamlined and fast-moving undertaking that doesn’t add more stress into your life, contact Dallas Cash Home Buyers. We have the most professional short selling processing companies around ready to fast-track the process for you. We can guarantee an obligation-free offer!
You or your assigned trustee need the bankruptcy court’s permission before exempt property can be sold during an active bankruptcy. You could wait around 30 days to receive the court’s permission after filing. Because of this timeframe, many homeowners wait to sell until after bankruptcy discharge, which generally takes 3 to 6 months.
When you receive the bankruptcy court’s permission to sell, you can make exchanging your property for a straightforward money amount effortless by calling Dallas Cash Home Buyers.
A Chapter 13 trustee receives a percentage of your plan payment as compensation for administering your case. Because plan payments vary from case to case, Chapter 13 trustees are paid differing amounts.
According to bankruptcy law, the largest percentage of a plan payment a trustee can receive is 10%. This fee covers costs incurred by your case and the upkeep expenses of the trustee’s office. If no objection is filed, your trustee is likely to be paid the maximum fee.