{"id":17,"date":"2019-04-25T05:23:12","date_gmt":"2019-04-25T05:23:12","guid":{"rendered":"https:\/\/sellmyhousefastsanantoniotx.com\/?page_id=17"},"modified":"2020-07-07T02:23:34","modified_gmt":"2020-07-07T02:23:34","slug":"bankruptcy","status":"publish","type":"page","link":"https:\/\/sellmyhousefastsanantoniotx.com\/bankruptcy\/","title":{"rendered":"We\u2019re a Call Away to Sell House in Bankruptcy in San Antonio TX"},"content":{"rendered":"
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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\u2019s important to understand your available options.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
To sell your property during bankruptcy, you must obtain the court\u2019s 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\u2019re out of bankruptcy and sell after bankruptcy discharge.<\/p>\n
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.<\/p>\n