The time can be as brief as six months or as long as two years. Also, you might live in a state wherein the courts have concluded that the Chapter 7 trustee cannot collect the sales proceeds even if the state law exemption period has expired.

Can you sell house after bankruptcies?

The short answer is: Yes, you can sell your house after a bankruptcy discharge. However, the long answer to this question is more complex, and it will require the help of your reliable, experienced attorney. Discharged bankruptcy doesn’t necessarily mean that your case is finalized and closed.

Can you sell your house after a bankruptcy?

You can sell your house after your bankruptcy discharge. However, you must re-invest the proceeds in another home within six months. Otherwise, the trustee can sell your house and pay your creditors.

What happens to your home when you file Chapter 7 bankruptcy?

As soon as you file for Chapter 7 bankruptcy, you lose control over your assets. The court, acting through a bankruptcy trustee, decides whether you can keep your home or whether it is better sold for cash to pay off your debts. The trustee is only interested in assets he can sell. If your home has equity, the trustee typically will order a sale.

What happens if I Can’t Sell my House?

If you can’t find a buyer willing to pay that much for the home, the lender may agree to a short sale, which allows you to sell the home for less than what you owe. If you can’t afford to pay your bills, bankruptcy can help you discharge your debts and start over.

Can you sell your house if you are upside down on a loan?

So long as you are current, you can sell your home. If you are upside down on the loan, you will need permission from the lender to short sell the property, but you may handle the home as you would if you had never filed bankruptcy to begin with.