Dealing with the stress of bankruptcy could already have you at the end of your rope, but adding another headache of trying to sell your home can be too much to handle. To make exchanging your property for much-needed funds more straightforward, it’s important to understand your available options.
Chapter 7 bankruptcy is known as liquidation bankruptcy. This is the most prevalent type of bankruptcy in the country and is filed by individuals to pay back debts through selling property.
Municipalities like cities, towns, and school districts can file for Chapter 9 bankruptcy to receive protection from creditors as they reorganize and adjust their debts.
Chapter 11 bankruptcy is a type of reorganization bankruptcy that individuals and businesses can file for. Chapter 11 involves changing interest rates and payment amounts instead of liquidating assets.
Chapter 12 bankruptcy is an option for farmers and fishermen to repay creditors in installments, generally throughout 3-5 years. Chapter 12 is available to individuals with regular annual income.
Wage earners can file for Chapter 13 bankruptcy to receive protection from creditors, repay debts, and possibly receive debt forgiveness. Filing may allow homeowners to avoid foreclosure.
Chapter 15 bankruptcy cases involve more than one country. This type of bankruptcy offers cooperation between the U.S. bankruptcy courts, foreign courts, and debtors outside of the country.
Chapter 7 bankruptcy is known as liquidation bankruptcy because your real assets are sold by a court-appointed trustee to pay off your debt. This type of bankruptcy generally involves surrendering, or giving up, your home. Alternatively, you keep the property.
To sell your property during bankruptcy, you must obtain the court’s permission. This usually takes 30 days unless there are extraneous complications. Because Chapter 7 bankruptcies normally conclude in 3 to 6 months, many homeowners wait until they’re out of bankruptcy and sell after bankruptcy discharge.
While in a Chapter 13 bankruptcy, selling your house or refinancing your residential property is possible after you take necessary steps. After you file a Motion to Sell Real Property and you receive permission from the court-appointed trustee and the court, you can move forward with listing your house. However, a petition to sell can be turned down if the sale would be a detriment to the mortgage lender or the bankruptcy petitioner.
If you’re going through bankruptcy and selling a house, you can quickly receive an obligation-free offer by calling the most experienced cash house buyers in San Antonio, Texas and the surrounding areas. Make exchanging your home for a straightforward cash amount easy by calling Sell My House Fast San Antonio TX.
Property defects can easily turn buyers off, and you may not have the time or budget necessary to make extensive home repairs. Sell My House Fast San Antonio TX can make you an offer no matter your property’s current condition. All we need is one quick walkaround of your house!
If you’re selling a property in an active bankruptcy, you most likely need funds ASAP. As the fastest cash house buyer around, we generally close deals in 3 to 30 days. Whether you’re selling a condo, apartment building, or a townhouse, you can call us to start a fast-paced transaction.
If a buyer’s mortgage application isn’t approved, a deal you’ve been counting on can unfortunately fall through. The good news is that Sell My House Fast San Antonio TX doesn’t rely on conventional funding methods that can turn into dead ends. Instead, you sell for cash that’s ready to go.
Dealing with the bureaucracy of bankruptcy eats up a ton of time and energy. Our selling process saves you from taking on even more stress by marketing your home, hosting open houses, and handling additional paperwork to complete a real estate transaction. Our transaction process eliminates hassles for your benefit.
When Sell My House Fast San Antonio TX gives you a straightforward and transparent real estate transaction, no hidden paperwork fees, commissions, or other expenses are involved. We foot the bill for all costs related to selling your property so you don’t pay anything to collect cash for your house.
If you sell your house before filing for Chapter 7 or Chapter 13 bankruptcy without using the funds to pay creditors, you could face fraud charges for pre-bankruptcy planning. Because of this risk, use the proper channels to sell your house while in bankruptcy instead of selling before filing.
After you’re given permission to sell your property, call Sell My House Fast San Antonio TX to receive an obligation-free cash offer and complete a fast and straightforward real estate transaction.
Being able to short sell during a bankruptcy depends on if the court-appointed trustee agrees the sale would benefit you and the lender, then grants you permission.
Because this process can be demanding and time-consuming, contact Sell My House Fast San Antonio TX. The best short selling processing companies in the area work with us to make the process equally simple and quick for homeowners. With us, you don’t have to worry about miscommunication with the bank stalling the transaction.
Because the court can give homeowners permission to sell in 30 days or less after filing, you could sell your property during an active bankruptcy if your home is exempt from the proceedings. Alternatively, you may also wait until after bankruptcy to sell your home, which could take between 3 to 6 months.
After the court gives you permission to sell, Sell My House Fast San Antonio TX can make exchanging your home for cash a smooth and effortless process.
A Chapter 13 trustee is paid a commission percentage of a plan payment, so there is no hard and fast number for how much a trustee is compensated.
Trustees are usually paid the maximum fee of 10% of the plan payment. The amount trustees receive covers operating expenses of their office and the costs incurred by the case.
For reference, the fee percentage can shift to match changes in Chapter 13 filings and may also change during an active plan.