By: Kevin Smith
Yes, you can legally sell your house during bankruptcy, as long as you work out an arrangement with the mortgage company. There are no laws that prohibit you from selling your house to avoid bankruptcy. Furthermore, the lender will likely work with you because they do not want to deal with a house in foreclosure.
If you are trying to avoid bankruptcy, the fastest way to sell your house is a cash home sale. A cash sale gives you the flexibility to sell your house fast. In most cases, you can close in as little as one to three weeks and halt the bankruptcy process. Plus, you do not have to pay any selling expenses.
The bankruptcy process involves several steps, including:
It is important to note that the bankruptcy process may vary based on the type of bankruptcy you are filing for. You may want to consult a bankruptcy attorney to guide you through the process so that you can sell your house without problems.
The length of time it takes to complete a bankruptcy case will depend on the type of bankruptcy you are filing for and the complexity of your case.
Chapter 7 bankruptcy typically takes around 3-6 months to complete from the date of filing. This is the most common type of bankruptcy and is designed for individuals and businesses with primarily consumer debts, who do not have the means to repay them.
Chapter 13 bankruptcy typically takes 3-5 years from the date of filing. This type of bankruptcy is designed for individuals with regular income who have assets they want to keep, but are unable to pay their debts in full. Under Chapter 13, the debtor must propose a repayment plan to pay back some or all of their debts over a 3-5 year period.
It is important to note that the length of time it takes to complete a bankruptcy case can vary greatly depending on the complexity of your case and the workload of the bankruptcy court. So, you need to sell your house as-is for cash as soon as possible.
A cash home sale can be an attractive option for selling your house during bankruptcy, as it can allow you to close the sale quickly and avoid some of the complications that can arise with traditional home sales. Some benefits of a cash home sale during bankruptcy include:
A cash home sale may appeal more to the trustee as the cash sale can close quickly, and the proceeds can be used to pay off the creditors.
If you are looking for a way to avoid bankruptcy, but do not have the money to pay your debts, we have the solution. Local Guy Buys Houses can appraise your house and make a fast cash offer. You can close in as little as seven days. No repairs. No closing closets. No realtor commissions. Call 855-205-5999 to get a fast cash offer.
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