selling house after bankruptcy
April 25th, 2008 by Questions
We had to declare bankruptcy for the second time. We know now that we should have done a debt re-structuring but we weren`t given that advice and nowit is too late for that option. However if we sell our house and pay our mortgage off after we receive our discharge do we get to keep any profit there may be or is it claimed?
We were thinking that as much as we want to keep our home it may be the only way to really start over.
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April 28, 2008 at 8:52 am, A licensed trustee said:
Actually, you may still file a proposal to your creditors even after you have filed for bankruptcy and if it is accepted your bankruptcy will be annulled. If the trustee you are dealing with won’t help you do this then go and see another one…
In regards to your house, (assuming you stick with the bankruptcy) you need to speak to your trustee. If there was equity at the time that you filed then your trustee has probably registered on title which means you won’t be able to sell the house without their consent and the profit will go to them.
If there was no equity when you filed then you should be able to sell without any issues after you have been discharged.