Selling a House in Chapter 13 Bankruptcy

Bankruptcy Attorney

Once you file for Chapter 13 bankruptcy in Ohio and your repayment plan has been confirmed, you’ll need to keep tight control over your budget. Also, you most likely used Chapter 13 bankruptcy protection as a form of debt relief because you either didn’t qualify for Chapter 7 bankruptcy or you have more property that you want to keep. Despite this, you are able to sell a house in Chapter 13 bankruptcy as long as you follow the bankruptcy guidelines.

Selling a House in Chapter 13

In order to sell your house in Chapter 13 bankruptcy in Ohio, you need to wait at least 21 days after you filed. Additionally, you need to seek permission from the bankruptcy court in order put your home up for sale. In order to do so, you’ll need to file a motion to sell with the assistance of your attorney. In your motion to sell, you’ll want to include information on the value of the home and how you plan to distribute the proceeds from the sale.

After the Home Sale in Chapter 13

Once you have sold the home, you should file a statement of sale with the bankruptcy trustee overseeing your case that outlines all the information about the sale, including how much the house went for, the remaining balance after paying off your mortgage, and what you have left.

Working with your Ohio Bankruptcy Attorney

If you’re filing for bankruptcy in Ohio, you definitely want to hire an experienced bankruptcy attorney. Under this assumption, you’ll want to mention your plans to your bankruptcy lawyer in order to have the best debt relief plan going forward. An experienced Ohio bankruptcy attorney will be able to help guide you through the processes required to keep the bankruptcy court and trustee satisfied that your repayment plan is proceeding according to plan and that you don’t miss any steps required to sell your home while in Chapter 13 bankruptcy.