Ask Experts Questions for FREE Help !
Ask
    dking1218's Avatar
    dking1218 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 28, 2008, 09:34 AM
    If I sell my house before going bankrupt, how will this affect the proceeds from the
    I am getting ready to file Chapter 7 Bankruptcy, but I purchased a 'Flip' house last July that is almost ready to go on the market. I estimate I will get $40k from the sale of the home, but my contractor was willing to wait until the house sold to get paid the $35,000 I owe him for the work he did... so that $40k really isn't mine, so, should I wait to sell the house until after I go bankrupt so they cannot touch the proceeds from the home (because they allow you to keep your home) or can I sell the house, pay off my contractor and call it good? Any help would be geatlt appreciated!
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Mar 28, 2008, 10:40 AM
    At the time you file for bankruptcy all your assets will be taken into account.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Ex-husband going bankrupt - get my house? [ 1 Answers ]

My ex-husband is thinking of going bankrupt. We have been legally separated for over 5 years (but not legally divorced - I am in the process of doing that). When we separated I bought him out of our family home. The deed to the house is in my name only. Can my ex-husband's creditors go after my...

Different size down payments-splitting house sale proceeds -- VA [ 4 Answers ]

My (former) girlfriend and I are joint owners of a house in VA. I made a much larger down payment, but the title/deed does not specify unequal ownership. The relationship is now so unpleasant that I want to sell it, probably at a loss. How will the (losing) sale proceeds be split between us,...

No Lien, but can creditors come after house sale proceeds? [ 10 Answers ]

Hi- hope someone can help. Can't get a straight answer from my lawyer! My mother passed in 2004 with a large $20,000 hospital bill. They did drain their savings to pay about 25,000 of it! My dad had been making payments on the balance until he got sick. My dad died last March. He willed the...

Need To Sell My House [ 3 Answers ]

My house is on the market and we need to sell before we lose it to foreclosure, how long do I have to try to sell it before we lose it? It is not official yet, but possible this month if we do not catch up on past payments. Any suggestions would be helpful. Thanks!

View more questions Search