Can I keep the profit from the sale of my property after a chapter 7 discharged 3 years ago? 15 Answers as of January 10, 2014

Can I keep the whole amount?

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
David R. Fondren, Attorney at Law
David R. Fondren, Attorney at Law | David R. Fondren
It was discharged. But, was the case closed by the trustee? If the asset was listed on your schedules, claimed as exempt by you, and abandoned by the trustee, you are good to go.
Answer Applies to: Missouri
Replied: 1/10/2014
Rhymer Law Firm
Rhymer Law Firm | William Rhymer
Usually yes and yes, unless the property sold for a lot more than you told the court it was worth and the trustee claims you purposely misled the court about the value of the property. Talk with your Chapter 7 lawyer and he or she can give you a more definitive answer.
Answer Applies to: Georgia
Replied: 1/7/2014
Law Office of Shawn N. Wright | Shawn N. Wright
As a normal rule, once your Chapter 7 case is discharged and closed, then you have no further duty to report back to the Bankruptcy Court or to the Chapter 7 Trustee. I don't know all the details of your specific case, but as a general rule, you would be able to keep all of the net proceeds of your real estate sale.
Answer Applies to: Pennsylvania
Replied: 1/2/2014
Mark S Cherry, Attorney at Law, PC
Mark S Cherry, Attorney at Law, PC | Mark Cherry
Make certain that there was an "Abandonment" by the Trustee in the Bankruptcy. If so, the answer is that you can keep the profit after payment of the secured debts,
Answer Applies to: New Jersey
Replied: 12/31/2013
A Fresh Start
A Fresh Start | Dorothy G Bunce
As long as you included the property in your Chapter 7 petition and as long as you claimed it as exempt, you are free to do as you please with whatever property you own. Any liens against the property will have to be paid in order for you to deliver a clear title.
Answer Applies to: Nevada
Replied: 1/2/2014
    Kirby G. Moss PC | Kirby G. Moss
    If your case was closed back then(you would have received notice of this) then you can keep the profit based on these limited facts.
    Answer Applies to: Indiana
    Replied: 12/31/2013
    Havkin & Shrago | Stella Havkin
    Yes. The trustee can only go after the sale proceeds for 6 months after discharge.
    Answer Applies to: California
    Replied: 12/31/2013
    OlsenDaines, PC
    OlsenDaines, PC | Kristoffer Sperry
    Assuming your bankruptcy is closed (receiving a discharge is not the same as having your case close) and your home was protected by a homestead exemptionwhich allows you to keep your home after bankruptcy-then yes, you may keep all proceeds from the sale of your home. You should review any and all paperwork that you received from the court and the trustee's office to ensure that your bankruptcy case has closed properly.
    Answer Applies to: Idaho
    Replied: 12/30/2013
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    If homestead then yes.
    Answer Applies to: Florida
    Replied: 12/30/2013
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    Yes, as long as the property was correctly listed an valued in your bankruptcy schedules at that time.
    Answer Applies to: Colorado
    Replied: 12/30/2013
    Law Office of J. Thomas Black, P.C.
    Law Office of J. Thomas Black, P.C. | J. Thomas Black
    If the property was claimed as exempt, and allowed as exempt, and your chapter 7 was discharged and closed 3 years ago, then yes, there should not be any issues with the Bankruptcy Court with selling the property. Of course the property would still be subject to any non-avoidable liens on the property such as tax liens or liens from debts that were not discharged by the bankruptcy, if any.
    Answer Applies to: Texas
    Replied: 12/30/2013
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    You can keep what is left over after the mortgages are paid off to the bank
    Answer Applies to: New York
    Replied: 12/31/2013
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    Yes.... as long as case is "closed". You can check that by having a local lawyer look it up for you.
    Answer Applies to: California
    Replied: 12/31/2013
    The Orantes Law Firm
    The Orantes Law Firm | Giovanni Orantes
    If your case is closed, yes. In some situations, the Trustee would be entitled to administer an asset acquired after the filing for the creditors, but the profit from a sale of a property three years after the debtor received a discharge (assuming the case was closed soon thereafter), is not one of them.
    Answer Applies to: California
    Replied: 12/30/2013
    Idaho Bankruptcy Law | Paul Ross
    If your bankruptcy is closed, yes, you may keep the profit. If your case is not closed, visit with your attorney, but you are likely still okay.
    Answer Applies to: Idaho
    Replied: 12/30/2013
Click to View More Answers:
12 3 Free Legal QuestionsConnect with a local attorney