How long after bankruptcy can the home be sold? 11 Answers as of May 05, 2011

A couple filed Chapter 7. They are still in bad financial shape and need to sell their home to get out from under negative cash flow. (Loan is currrent). How long must they wait to sell the home? They will probably realize a small profit after the sale. Thanks.

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Benson Law Firm
Benson Law Firm | David Benson
While you are in bankruptcy, the house and all your other assets are part of the bankruptcy estate. After the trustee abandons the property, it can be sold. However, as a practical matter, a sale will probably not be consummated until after the bankruptcy case is closed. onLaw.com
Answer Applies to: Ohio
Replied: 5/5/2011
Bankruptcy Law office of Bill Rubendall
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
Once the bankruptcy discharge has been entered the property of the estate reverts (goes back to) the debtor. If debtor wants to sell the home there is no time that they have to wait before selling.
Answer Applies to: California
Replied: 5/4/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
They can sell the home after the trustee files a "no asset" report. One would have to check the court docket to find out if this has been filed.
Answer Applies to: California
Replied: 5/4/2011
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
They are free to do whatever they want with their home as soon as the Trustee in their case abandons the property, or their case is closed, whichever occurs first.
Answer Applies to: California
Replied: 5/4/2011
Law Office of Larry Webb
Law Office of Larry Webb | Larry Webb
In a chapter 7, once the case is discharged their property is no longer in the bankruptcy estate and they can sell.
Answer Applies to: California
Replied: 5/4/2011
    Greifendorff Law Offices, PC
    Greifendorff Law Offices, PC | Christine Wilton
    If the couple is in active bankruptcy, they should discuss this with their attorney. They can sell the home anytime they like. If there is equity in the property and that equity was exempted from the trustee's taking, then they would get to keep the proceeds from the sale. Tread carefully here and consult with your attorney.
    Answer Applies to: California
    Replied: 5/4/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    They should be able to sell their home right away. During the Bankruptcy process the home, and it's value should have been exempt through Homestead protections. As a result, the sale and any resulting equity is exempt.
    Answer Applies to: New Hampshire
    Replied: 5/4/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    They can sell the house anytime after the trustee issues his/her report abandoning the bankruptcy estate assets. Most likely the house sale will not be able to close until your bankruptcy case is closed.
    Answer Applies to: California
    Replied: 5/3/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    As soon as the discharge is granted and the case closed.
    Answer Applies to: Indiana
    Replied: 5/3/2011
    The Orantes Law Firm
    The Orantes Law Firm | Giovanni Orantes
    The house may be sold during or after bankruptcy. If during the bankruptcy, you would need the Court to approve the sale. If the profit is exempt, you get to keep it if you exempted it (i.e., applied the exemption laws to it). So, if the property has sufficient equity, you may want to wait until after the case is closed. In the end, without all the facts I cannot give you a complete answer. Call us to set up a free initial consultation or you can just ask your bankruptcy attorney.
    Answer Applies to: California
    Replied: 5/3/2011
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    Until the case is closed. Did their bankruptcy schedules reflect that equity in the property to realize a small profit? If not, then there may be an issue of accuracy of their schedules.
    Answer Applies to: California
    Replied: 5/3/2011
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