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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

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

    Nothing contained in this message should be construed as legal advice.

  2. 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.

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

  4. 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.

  5. 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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