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Selling home with chapter 13

Asked Mar 29, 2006, 10:08 AM — 3 Answers
We are currently in a Chapter 13 bankruptcy and want to sell our home..after we sell our home and payoff our mortgage we will home proceeds left..but not enough to pay our entire Chapter 13 debt off...what happens to the proceeds from the sale and do they have to be applied to the plan? We will have to move and rent and we will need some of the proceeds to do this..our house payment is too high for us to keep paying and this is our only option..any advice would be helpful

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Fr_Chuck's Avatar
Fr_Chuck Posts: 72,597, Reputation: 37026
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#2

Mar 29, 2006, 02:31 PM


You will have to get permission from the court to sell the house,

They will be basically in control of the money that comes in from the sell.

They would normally apply them to the debt and then have you refile a new payment plan considering the amount now paid off of the amounts due.

Please talk to your attorney before taking any actions, so that he can properly advice you as to if you should sale the home or not
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manutdman's Avatar
manutdman Posts: 13, Reputation: 1
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#3

Apr 8, 2006, 11:22 PM
Court will be in charge of his $$ from the sale? Damn that sucks!
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Fr_Chuck's Avatar
Fr_Chuck Posts: 72,597, Reputation: 37026
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#4

Apr 9, 2006, 05:13 AM


They get your federal income tax refunds also

You are suppose to notify them if you receive any large amount of funds, if you start making more money on your job and so on.

For example if you start making less money you can refile an admended payment plan, so you are also expected to re-file an admended if you start making more money also.
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