If you’re going through bankruptcy, selling your home could be a viable option for you. But before doing anything, consult an attorney to confirm if this option is even possible in your specific circumstances.
It’s always wise to remember that bankruptcy proceedings will continue. If you plan on selling your home and using the proceeds for another home, make sure you consult with an attorney first to be certain this option is available to you. Learn about our customer feedback process by visiting: https://www.texascashhousebuyer.com/sell-my-house-cash-texas/.
Many people attempt to leverage their property by selling it, in order to have some liquid money for starting over again. Unfortunately, this is not the time when your house can be used as a party asset and most creditors won’t permit it.
Protect Your Home Before Filing Bankruptcy
Are you currently trying to sell your house but haven’t filed for bankruptcy yet, now may be a good time to do so. Make sure all necessary documents are obtained to safeguard your house before beginning negotiations with potential buyers; otherwise, they could back out on the deal and leave you without money and with a house that no longer belongs to you.
Buy a Home in another State
If you can’t sell your current residence and don’t wish to move elsewhere, this might be your best bet. It’s similar to purchasing something out-of-state, but if you are in the process of selling your house, this might still be possible for you.
Sell Your Interests in Homeowner’s Policies
If you already own a policy written jointly, it can be sold to another party. This is an effective way to get rid of this asset without having to deal with creditors. Nonetheless, make sure it won’t negatively affect your bankruptcy case.
Selling Your Home
If you’re considering selling your house, there are a few steps you can take to protect yourself. First, ensure the price and terms are agreed upon. Secondly, check that no liens exist on the property; involve a title company in this transaction for added assurance.
Selling Your House During Bankruptcy
It is essential to remember that going through bankruptcy is never ideal for either you or your creditors. However, selling your house during bankruptcy can be a good way to get yourself on the path you have planned for yourself. Don’t forget that an attorney is available if needed for assistance throughout this process.