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home sale after discharge

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bz1229

Guest
What is the name of your state? Pennsylvania
What is the time limit, if there is one, on selling your home after you receive your discharge?
 


C

cyana

Guest
Won't the net proceeds from sale ...

be turned over to the trustees of your "bankrupt" estate. I thought you had to report any significant amounts of cash during a certain period after your discharge. I was wondering about that question, too.
 

bigun

Senior Member
Don't sell prior to discharge. Once you've been discharged, you can do as you wish with property that you kept in the bk. Remeber, you are allowed to exempt a certain amount of equity in your home in a bk. Once the bk is disharged you can do as you like with the property.
 
H

h0rsepwr

Guest
bigun said:
Don't sell prior to discharge. Once you've been discharged, you can do as you wish with property that you kept in the bk. Remeber, you are allowed to exempt a certain amount of equity in your home in a bk. Once the bk is disharged you can do as you like with the property.
The amount of the exemption I guess is my question. I've only had my house for about 3 years now, so I wouldn't be able to make a ton of cash by selling it. Here in Illinois, aren't you allowed to make up to $7500 by selling your home before that money has to go to your creditors? Meaning as long as I don't make more than that amount in profit, I can still sell my home before getting discharged?
 

bigun

Senior Member
I don't know what Il. exemption is but, if you sell prior to discharge there is a real chance the trustee will take any equity you receive and distribute it to creditors. Don't make any financial move of any signficance prior to discharge unless, your lawyer says it's OK.
 
H

h0rsepwr

Guest
bigun said:
I don't know what Il. exemption is but, if you sell prior to discharge there is a real chance the trustee will take any equity you receive and distribute it to creditors. Don't make any financial move of any signficance prior to discharge unless, your lawyer says it's OK.
Actually my neighbors are going to be buying my house, and they will just do it by giving me a check. No lawyers or legal things. Does that make any difference?
 
C

cyana

Guest
Bigun I live in DE with no Homestead exemption

Does that change your answer? I will be filing Ch 7, will try to reaffirm mortgages. Suppose you live in a state with no homestead exemption and use your $5k personal exemption to keep your furniture? Sorry to butt in with these questions, original poster.
 

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