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Are you thinking about filing for bankruptcy and selling a house, apartment, townhouse or condo? Selling a property in bankruptcy is easy when you follow the steps outlined in this article. When you understand the legal requirements and correct procedures, selling your home can become a stress-free option.
Many people choose Chapter 7 bankruptcy because it’s one of the only forms designed for individuals. When an individual files Chapter 7, they sell off their valuables — also called assets — and pay the collectors with the money they make from the sales.
Chapter 9 bankruptcy is filed by municipalities of all sizes, including towns, cities and boroughs.
Chapter 11 bankruptcy is used by businesses. By reorganizing their debts, they’re able to renegotiate the terms so that they can survive the bankruptcy period and emerge as still-functioning businesses.
Family fishermen and farmers can file Chapter 12 bankruptcy and pay off their debts over a few years.
In addition to Chapter 7, Chapter 13 is another popular choice for individuals filing for bankruptcy. Those with a stable income choose Chapter 13 because it allows them to avoid asset liquidation and opt instead for monthly payments.
International debtors who do business in multiple countries can file for Chapter 15.
You can sell your house during Chapter 7 and Chapter 13, but only if you know the rules and follow the correct legal procedures. Although it’s more common to sell property during Chapter 13 than Chapter 7, it’s possible to get permission for both types.
Chapter 7 bankruptcy is also called asset liquidation bankruptcy because your debts are repaid by selling off your assets. Unfortunately, this can also include your home, and foreclosures are common. If your house is protected, you’ll be able to sell it, but you need to get permission from the bankruptcy court first.
Filing for Chapter 13 and selling your house is more guaranteed because you don’t have to worry about losing it to foreclosure. However, like during Chapter 7, you must get approval from the court and your trustee before moving forward with the sale.
Selling your home during bankruptcy or after bankruptcy discharge is simple when you sell to the best house buying company in Los Angeles, CA and the surrounding areas. Los Angeles Cash House Buyer makes the selling process easy, and we make cash offers for properties in any condition.
We make fair cash offers for all property, no matter their condition! We’ll schedule a time to see your home and make an offer for it As Is. Buying your home As Is means that we never require appraisals, we never make repair requests and there’s no due diligence period.
When we say we buy property fast, we mean within 3 to 30 days on average. You can sell your house and walk away with cash in your pocket in no time! Our investors close on deals quickly, so homeowners can get the money they need when they need it.
Countless sellers have had deals fail when potential buyers get denied mortgages. Working with us means avoiding the mortgage approval process, so you can be certain our deal won’t’ fall at the last hurdle. We work with private investors so we can make cash offers for all property.
Are you dreading spending countless hours organizing open houses and multiple showings? Sell directly to us and skip the hassle! We’ll make an offer after one walkthrough. We also take care of all of the paperwork, so you can spend your time on other things.
When you sell to us, you’re guaranteed to get 100% of the cash offer we make. That means you don’t have to pay for hidden fees or last-minute additional expenses. We pay for all of the necessary fees and we cover all of the closing costs.
If you want to sell your house before filing for bankruptcy, you should work closely with a legal team to ensure you follow the law. Selling before filing for bankruptcy can lead to fraud charges and other legal consequences, especially if you’re trying to avoid paying your lenders.
If you find out that you’re legally allowed to sell your home, our company offers a simple and stress-free selling process. We’ll purchase your property As Is and in no time flat!
If you get permission from your bankruptcy court and trustee, a short sale during bankruptcy can be a good option. The court will research your case to determine if the sale benefits your collectors.
If the court decides to let you pursue the sale, you can work with Los Angeles Cash House Buyer to make the rigorous process as simple as possible. We’ll communicate directly to short selling companies and the bank on your behalf to speed up the process.
Where you live determines how long you have to wait after filing before you can sell your house. Every state is different, but the soonest is about 30 days after filing. Do your research, though. Some states require you to wait up to six months.
Once you’re free to sell, you’ll want to get cash for your property ASAP. We close on deals in 3 to 30 days on average, and we work hard to make the process easy!
In Chapter 13 bankruptcy, the trustee makes a living by taking a percentage of your monthly payments. The amount they take varies from case to case, but it’s usually between 3% to 7%, and no more than 10%.
You don’t have to pay your trustee any extra money when you sell a house during Chapter 13 bankruptcy. However, the sale might make your monthly payments go up, which would mean that the trustee makes more money too.