Can I sell my house after bankruptcy discharge? At My Tennessee Home Solution, we buy houses in Goodlettsville, TN, including those with owners facing Chapter 7 bankruptcy or navigating Chapter 13 repayment plans. You’ll see why homeowners like you always appreciate our easy home-selling solution once you understand the selling obstacles!
Understanding the Relationship Between Bankruptcy and Home Sales
You can usually sell a home after the bankruptcy process. Consider the following factors:
The Property Should Have a Home Equity Exemption
A home equity exemption lets you shield a certain amount of your home’s value from creditors. The amounts usually differ depending on whether you’re undergoing Chapter 13 or Chapter 7 bankruptcy. You claim the exemption when you file, and creditors have limited time to contest it.
Once you confirm the exemption, you maintain full ownership of your home. You can proceed with the sale of your Tennessee home but should continue consulting with your bankruptcy lawyer.
A Court Authorization Can Permit a Sale in Certain Situations
Can I sell my house after bankruptcy discharge? Your discharge timeline may require bankruptcy trustee approval. However, this avenue may not be open to you if you didn’t obtain the equity exemption.
The repayment plan for Chapter 13 bankruptcy can last for three to five years. Sometimes, your trustee will approve the sale if they know it will help you pay off the debt or won’t harm your creditors’ interests.
The Sale Must Cover the Remaining Mortgage Payments
Your level of equity and the condition of the home can complicate the sale process. If you’re considering using the traditional process in Tennessee, you might calculate the following expenses to determine your ideal listing price:
- Home value
- Real estate agent commissions
- Closing costs
- Additional expenses like inspections or staging
Plus, whether you’re still navigating the bankruptcy process or have completed it, you need an offer that covers the rest of the mortgage.
Solutions for Selling a Home After Bankruptcy
What should you do if you want to sell your home but the numbers don’t add up? If you can’t pay off the mortgage after considering home value, closing costs, and other expenses, you have one final solution – a cash homebuyer.
How can you determine when a cash homebuying company will work in your best interest?
- Find a reputable company that makes you an offer without requiring additional costs.
- Read reviews to understand whether other sellers have had an overwhelmingly positive experience.
- Establish how quickly the buyer makes an offer and schedules closing.
You should also confirm that the company doesn’t require you to pay any additional expenses. Get it in writing if you can.
Start the Process Today and Sell Your Home Quickly
Now, you have the answer to “Can I sell my house after bankruptcy discharge?” Contact My Tennessee Home Solution to make selling as is fast and easy!
To start the process, call My Tennessee Home Solution at (615) 933-5431. You receive an offer in just 24 hours, never pay additional fees, and can often close in seven days.
