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To sell or not to sell!

Asked Dec 14, 2007, 09:30 AM — 3 Answers
I am going through a chapter 13. If I choose to sell my home what happens to the equity in my home who gets it?

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N0help4u's Avatar
N0help4u Posts: 16,954, Reputation: 9423
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#2

Dec 14, 2007, 10:14 AM
From the little I remember from my paralegal classes on bankruptcy I don't think that is a good idea.
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George_1950's Avatar
George_1950 Posts: 3,101, Reputation: 1283
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#3

Dec 15, 2007, 03:14 PM
Your state elects whether to set its own equity limit, or follow that set in the bankruptcy code. You can keep the sum that you are entitled to, just make certain that you claimed this in your original filing concerning "exempt property". If you are married, your spouse can exempt and retain the same amount as provided by law.
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Fr_Chuck's Avatar
Fr_Chuck Posts: 72,597, Reputation: 37026
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#4

Dec 15, 2007, 07:57 PM


Basically first the court has to approve the sale, since you are in the chapter 13 that goes on for many years. It as any change in income has to be reported. You have state specific exemptions where you are allowed certain amounts of cash ( remember once sold it is now cash not property exemption) the court uses the amount over the exemption max to pey on the bills.
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