{"id":1192,"date":"2019-04-02T06:15:26","date_gmt":"2019-04-02T06:15:26","guid":{"rendered":"https:\/\/sanantoniohousecashoffers.com\/?page_id=1192"},"modified":"2020-07-07T01:57:48","modified_gmt":"2020-07-07T01:57:48","slug":"bankruptcy","status":"publish","type":"page","link":"https:\/\/sanantoniohousecashoffers.com\/bankruptcy\/","title":{"rendered":"Contact Us to Sell House in Bankruptcy in San Antonio, Texas"},"content":{"rendered":"
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Selling a property while going through bankruptcy may not be as easy as one may hope, as it involves a lot of extra paperwork and time for appropriate approvals. This article will guide you through what to expect if you\u2019re considering selling a house after filing for bankruptcy.<\/p>\n
In a Chapter 7 bankruptcy, a court-appointed trustee gathers and sells the debtor’s nonexempt assets and distributes the proceeds of the sale to creditors. After the proceeds are exhausted, the court discharges the remaining debt.<\/p>\n
This type of bankruptcy enables financially distressed municipalities to get protection from creditors while developing and negotiating a plan for the adjustment of debts.<\/p>\n
This type of bankruptcy is typically used by large businesses to maintain their assets and continue regular operations while a plan of reorganization is proposed to creditors.<\/p>\n
Chapter 12 bankruptcy benefits family farmers and fishermen by allowing them to propose and carry out a plan to repay all or part of their debts.<\/p>\n
In a Chapter 13 bankruptcy, an individual must have enough income to afford a repayment plan that usually lasts three to five years. Debtors get to keep the property as long as they make the monthly payment.<\/p>\n
This type of bankruptcy provides a mechanism for dealing with cross-border insolvency cases. It seeks to promote cooperation among U.S. courts and other stakeholders with interest in foreign proceedings involving assets and creditors in several countries.<\/p>\n
It is very difficult to sell a home while in Chapter 7 bankruptcy, and you\u2019ll only be able to do so once you get specific permission from the bankruptcy court.<\/p>\n
If you want to sell your house, you will need to file a Motion to Sell Real Property. This should include detailed information like the selling price, names of the creditors, and the planned distribution of the proceeds. If the court-appointed trustee will want to sell your property to generate cash for creditors, he or she must also get the approval of the court.<\/p>\n
Selling a house while going through a Chapter 13 bankruptcy is possible. It is best to consult with legal experts to ensure that you make the right moves.<\/p>\n
You will have to obtain the approval of the trustee and permission from the court for the sale to move forward. Your attorney will help you file a Motion to Sell Real Property. This motion includes a proposed plan for the sale price and how the proceeds will be used. Some of the proceeds may be used to pay off your repayment plan.<\/p>\n