Are you struggling with debt and considering bankruptcy? If so, you may be wondering if you can sell your house during bankruptcy. While selling any assets during bankruptcy can be challenging, it is possible to sell your house under certain circumstances. In this guide, we’ll explain what you need to know about selling your house during bankruptcy and how Kansas Home Guys can help.
If you’re considering bankruptcy, there are likely financial pressures that are making it difficult to keep up with your mortgage payments. Selling your house during bankruptcy can help you get a fresh start by eliminating your mortgage debt and giving you the opportunity to move on.
Additionally, selling your house during bankruptcy can help you avoid foreclosure, which can be damaging to your credit score and make it difficult to qualify for a mortgage in the future.
When you file for bankruptcy, an automatic stay goes into effect, which prohibits creditors from collecting debts or taking any legal action against you, including foreclosing on your home. However, there are some options for selling your house during bankruptcy:
Chapter 7 bankruptcy: If you’re filing for Chapter 7 bankruptcy, you may be able to sell your house to pay off your debts. However, you will need to get permission from the bankruptcy court before you can sell your house.
Chapter 13 bankruptcy: If you’re filing for Chapter 13 bankruptcy, you may be able to keep your house and pay off your mortgage through a court-approved repayment plan. However, if you’re behind on your mortgage payments, you may need to sell your house to catch up on your payments.
If you are thinking of selling your house during bankruptcy, there are some steps you can take to consider:
Get professional advice: Talk to a bankruptcy attorney and a real estate agent to understand your options and get guidance on the best course of action for your situation.
Know your equity: Determine how much equity you have in your house by subtracting your mortgage balance from the market value of your house. If you have little or no equity, selling your house during bankruptcy may not be worth the effort.
At Kansas Home Guys, we understand that selling your house during bankruptcy can be overwhelming. That’s why we offer a hassle-free solution to help you sell your house fast for cash. Here are three steps to get started:
Fill out our online form or give us a call to schedule a consultation.
We’ll assess your property and make you a fair cash offer, in most cases, while we are with you assessing your property.
If you accept our offer, we’ll close on the sale and you’ll receive cash in hand within a few days.
More Reasons to Sell