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cmill2849 · Joined: 04 Aug 2007 Posts: 7 4.24 Dollars($)

My house is up for sale, but I also might have to file for Chapter 7 bankruptcy as a way to get rid of $40,000 worth of Credit Card debt ( I have no job). Should I take the house off the market first? In other words, would the fact that my house is up for sale affect my chapter 7 filing and beyond?

Niicss · Posted: Fri Feb 13, 2009 2:23 am Post subject:

Hi cmill,

As you have decided to file a chapter 7 bankruptcy, it is better if you can remove the property from the market. You should remember that Chapter 7 will include all your properties excluding the exemptions. So your property will be sold off to pay the creditors once you file Chapter 7.

Thanks.

Guest

discharged from chapter 7 have house up for sale trying to neg with lender to stay in home what happens if it is sold for a profit after liens and taxes?

adonis · Posted: Sun Sep 13, 2009 9:56 pm Post subject:

Hi p,

You will get back the excess amount once the liens and the taxes are paid off. You will have to reaffirm the loan if you want to stay in the property. Reaffirmation of the loan will make you personally liable for the mortgage dues.

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Selling of house and Chapter 7 bankruptcy