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Can I sell my home after a Chapter 7 discharge? All equity was exempted properly and trustee abandoned the property.

Laguna Hills, CA |

Can the trustee or creditors take any of the proceeds? Is there any requirement that I purchase a new home to maintain the exemption?

Attorney Answers 5

Posted

If your case was closed and the Trustee abandoned the asset, then you can safely now sell the home.

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Posted

As long as the property was completely and accurately disclosed and exempted, the bankruptcy trustee filed a no-asset report and abandoned the asset, discharge was granted, and the case was closed, you can sell your property.

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Filemon Kevin Samson

Filemon Kevin Samson

Posted

You should check with your bankruptcy attorney to determine whether there are any reasons outside of the normal course and scope of a typical bankruptcy proceeding as to why you may not sell your house.

Richard Gaines Heston

Richard Gaines Heston

Posted

Claiming a homestead exemption in the property is typical, but not necessary. It is the Trustee's abandonment and closing of the case that results in the revestment of the property that enables the sale to proceed.

Richard Gaines Heston

Richard Gaines Heston

Posted

Claiming a homestead exemption in the property is typical, but not necessary. It is the Trustee's abandonment and closing of the case that results in the revestment of the property that enables the sale to proceed.

Posted

I agree with my colleagues. The simple answer is, "yes". Talk to your bankruptcy lawyer and get confirmation that it is okay.

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Filemon Kevin Samson

Filemon Kevin Samson

Posted

I agree with Mr. Larson that you should check with your bankruptcy attorney to determine whether there are any reasons outside of the normal course and scope of a typical bankruptcy proceeding as to why you may not sell your house.

Posted

Whether the property was claimed as exempt or abandoned by the Trustee, if it has not been administered by the Trustee, i.e., sold, then upon closing of your case title to the property revests in you and you are free to sell it.

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Posted

If the trustee has abandoned your house as an asset of the bankruptcy estate or you have received a discharge, then you can sell the house. If the asset is still in the estate, and you must under California Code reinvest the homestead exempt profit within 6 months in order to keep the exempt homestead amount safe.

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