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Wrapping your head around all of the complications that come with the bankruptcy process can feel next to impossible when you’re also dedicating time and effort to liquidate or reorganize your assets. However, you have options that allow you to quickly and easily sell your house after filing for bankruptcy.
A chapter 7 bankruptcy is one of the most common types of bankruptcy filed by individuals. Property is assessed by a trustee and sold to pay off existing debt.
Chapter 9 is a type of bankruptcy available to cities, towns, and school districts that allows for the reorganization of debts. Debts may be refinanced with loans, or the amount of interest may be reduced.
What Is Chapter 11 Bankruptcy?
Chapter 11 bankruptcy is an option for corporations, partnerships, and entrepreneurs that involves the debtor presenting a plan of reorganization to pay back creditors within a specified timeframe.
Chapter 12 bankruptcy provides a plan for farmers or fishermen with regular annual incomes to propose a repayment plan to the bankruptcy court that typically lasts between 3-5 years.
Individuals with regular income can file for Chapter 13 bankruptcy to repay debts over a general time frame of 3 to 5 years.
Chapter 15 bankruptcy is an option for foreign debtors that is considered ancillary or secondary. The main proceeding usually takes place in the debtor’s home country.
Because Chapter 7 bankruptcy involves the liquidation of your assets, selling your home can be especially tricky. If you or the court-appointed trustee want to sell the property to pay back creditors, the court must first grant you or the trustee permission.
It can take about 30 days to obtain permission to sell from the court. Keeping in mind that the usual time frame for Chapter 7 bankruptcy is 3 to 6 months, many homeowners choose to wait to sell their property.
Being in an active chapter 13 bankruptcy and selling your home, condo, apartment, or other type of residential property involves time consuming legal complications.
To sell, your trustee must first give you permission to sell or refinance your home. Filing a Motion to Sell Real Property with the bankruptcy court is also a necessary step. Additionally, you can only sell your home in Chapter 13 bankruptcy if the property’s sale won’t financially harm your mortgage lender.
Selling a residential property in an active bankruptcy doesn’t have to be another source of stress and uncertainty. You can enjoy a hands-off selling experience during or following a bankruptcy by contacting Cash For Houses Houston TX. We’re the most reliable cash house buyers in Houston, Texas and the surrounding areas!
Going through bankruptcy and selling a house can leave you with little to no funds for fixing up your property. When you sell to us, you don’t pay out of pocket for any repairs. We can make an offer on your property in any condition without any due diligence period.
Cash for Houses Houston TX works hard to close deals within an average timeframe of 3 to 30 days. We can make you an obligation-free cash offer on a townhouse, apartment complex, or detached family home alike after only one conveniently scheduled walkaround. How’s that for fast-paced?
When you sell to Cash For Houses Houston TX, you’re saved from worrying about our deal falling through because of your buyer’s unapproved mortgage. We can guarantee you a cash offer on your property, and we use pre-approved funds without relying on conventional mortgage approval. This means you can count on receiving your money amount fast.
We make sure that our real estate transaction is as effortless as possible for you. Selling to us doesn’t involve you organizing multiple open houses, repairing property defects, or sorting out even more paperwork. Instead, we’ll plan one quick property visit, handle paperwork for you, and resolve any complications ourselves.
Other selling methods involve you investing your time and money into closing a deal. But with Cash For Houses Houston TX, you’re covered from paying any fees or closing costs whatsoever. We handle all expenses on our end, so you receive the exact money amount we put on the table.
Both Chapter 7 and Chapter 13 bankruptcy can involve nonexempt property being sold to resolve debt. In either case, selling nonexempt property before filing for bankruptcy to try improving your exemptions during bankruptcy is known as pre-bankruptcy planning, which can lead to fraud charges. Because of this risk, it’s recommended to sell after obtaining permission.
When you receive permission to sell your home during bankruptcy, you can make the process stress-free and fast by calling Cash For Houses Houston TX.
With the court trustee’s approval, you can short sell your house during the bankruptcy process. A short sale happens when your property doesn’t have equity and makes financial sense for both the property owner and the lender.
To make short selling your home an effortless experience, contact Cash For Houses Houston TX. We work with the most reliable and experienced short sale processing companies in the Houston area, which means we can uncomplicate and streamline the demanding process for you.
You could receive permission to sell from the court within 30 days of filing, or you could wait between 3 to 6 months to sell after bankruptcy discharge. However, court stipulations and complications like tax liens could delay you from selling.
Once you receive permission to sell, you can receive an obligation-free cash offer on your home quickly by calling Cash For Houses Houston TX. We can happily go to work for you and make our transaction fast-paced and straightforward.
Because Chapter 13 trustees don’t sell nonexempt property to pay creditors, trustees are instead compensated with part of your monthly plan payments. According to bankruptcy law, a trustee’s fee is considered a commission.
Unless there is an objection filed, the trustee generally receives the maximum fee, which is a compensation of 10% of the given plan payment. The fee is compensation for administering your case and covering the costs associated with operating their office.