Can I sell my house and keep my equity if my bankruptcy was already closed? 17 Answers as of February 06, 2015

I'm positive that it was closed and not just dismissed.

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EDWARD P RUSSELL | EDWARD P RUSSELL
When you sell the house the proceeds must pay all liens on the property including mortgages. The remaining proceeds would be given to you. This is true even if you received a discharge as the liens on the property would survive the bankruptcy. Hence, your equity is the sales price less the liens and of course the selling costs.
Answer Applies to: Minnesota
Replied: 2/6/2015
Mauritz Van Niekerk, Attorneys at Law
Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
Yes that should be no problem.
Answer Applies to: New York
Replied: 2/6/2015
Law Office of Michael Johnson
Law Office of Michael Johnson | Michael Johnson
Yes as long as you got your discharge.
Answer Applies to: Florida
Replied: 2/5/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
Of course. Your equity is, by definition, the sales price, less payment of the secured debt and less payment of sales costs. Your equity would have been protected by your exemptions declared on Schedule C of your bankruptcy.
Answer Applies to: Nevada
Replied: 2/5/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
If it was in fact "closed" you can sell it without having to give anything up (assuming everything else was done right in the case).
Answer Applies to: California
Replied: 2/5/2015
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    If your case was closed then you can sell your house and keep the equity.
    Answer Applies to: New York
    Replied: 2/5/2015
    Ronald K. Nims LLC | Ronald K. Nims
    Regardless of whether your bankruptcy was discharged and closed or dismissed, once it's over you can keep the equity in your home.
    Answer Applies to: Ohio
    Replied: 2/5/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    On these facts, yes.
    Answer Applies to: Wisconsin
    Replied: 2/5/2015
    John W. Lee, PC
    John W. Lee, PC | Kim A. Lewis
    Yes, as long as you received your discharge and the trustee has filed a no asset report and your case is closed.
    Answer Applies to: Virginia
    Replied: 2/5/2015
    John W. Lee, P.C.
    John W. Lee, P.C. | John W. Lee
    Assuming you properly disclosed your house on your bankruptcy schedules, then the Trustee has already reviewed it and determined that there was no equity for him to administer for the benefit of your creditors. Your case should not be closed until after the Trustee files a report indicating there are no assets to distribute. Therefore, if your case is closed, you should be able to sell your properly disclosed house and keep the proceeds. If you had an attorney assist you file the bankruptcy, you may want to consult with him before you sell the house just to make sure there are no other issues pending.
    Answer Applies to: Virginia
    Replied: 2/5/2015
    Stephens Gourley & Bywater | David A. Stephens
    Yes if you exempted the equity.
    Answer Applies to: Nevada
    Replied: 2/5/2015
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    It sounds as though you are getting your terminology confused. A case will be DISCHARGED if it is completed correctly and the debtor is entitled to bankruptcy relief. A case will be DISMISSED if for some reason the debtor does not or cannot complete what is necessary or, if the debtor is not entitled to the relief requested. If a case is dismissed then the debtor is right back where they began without any debt relief. A case is CLOSED only after one or the other of the previous things happens, and only after all the administrative work in the court has been completed. Until your case is closed, or until your trustee abandons the asset, you do not have the ability to sell your home. If the property has equity below the amount that you can (and have) claimed as exempt you can file a motion for abandonment and ask the court for an order which will permit you to proceed with a sale.
    Answer Applies to: Colorado
    Replied: 2/5/2015
    The Law Office of William Waldner | William Waldner
    Yes, if your case was closed and the trustee abandoned the asset you can sell your house. You should contact your attorney and/or trustee to confirm this.
    Answer Applies to: New York
    Replied: 2/5/2015
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    Yes. If your case is closed you may do what you wish with your property.
    Answer Applies to: Nevada
    Replied: 2/5/2015
    Law Offices of Daniel J Winter
    Law Offices of Daniel J Winter | Daniel J Winter
    Without all the facts I cannot answer this. It depends on why your case was closed. This is a question for your lawyer.
    Answer Applies to: Illinois
    Replied: 2/4/2015
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    It is impossible to answer your question of the facts presented which do raise issues. Please contact a bankruptcy lawyer if you do not have one.
    Answer Applies to: Michigan
    Replied: 2/4/2015
    Wink & Wink
    Wink & Wink | Gigi Wink
    If your bankruptcy has closed there shouldn't be anything remaining that would impact your ability to sell your home or other property.
    Answer Applies to: Colorado
    Replied: 2/4/2015
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