I have cancer and filed bankruptcy 2 years ago. Recently my husbands mother passed away. She did not leave a will, and his sister and himself are the only living relatives eligible to receive the house. She was on Farmers home loan, so we have to pay 6 percent to even get the house under our name. My question is, that since we filed bankruptcy 2 years ago, can I sell the home that I am living in, and purchase his mothers home for the six percent that is owed? My sister inlaw also is in the process of filing bankruptcy... How does this work? What a mess! If we could get the home under all of our names, once we sold the house, we would like to set up payments to his sister. I am afraid if I sell my home, that maybe the hospital would try and take the equity I had in my home.... Any clue?
2006-07-12 15:33:18 · 5 answers · asked by barbaradjt 5 in Business & Finance ➔ Renting & Real Estate
I had a few other bills...credit card to make payments on medications, and also I filed on some PET scans that my insurance would not cover....
2006-07-12 15:35:04 · update #1
Basically the home was under two names, Farmers Home, and my mother in law...They want us to pay what she had loaned from them, in order for us to get the house under our names........Can I purchase a home after filing Bankruptcy?
2006-07-12 15:37:52 · update #2
The following does not constitute legal advice. As will all short answers to legal questions you are strongly urged to consult the legal services of an attorney in your community.
In response to your question: Depends upon which Chapter of Bankruptcy you filed. If you filed Chapter 7 and all of your debts have been "discharged" with no liens attaching to your home, you probably can sell it without it being a problem. However, if you filed a Chapter 13 or 11 (You don't mention if you are a business or you filed as an individual) you may be under a payment plan. Until your payment plan has been completed your debts have not been discharged as of yet. If that is the case, then the sale of your home could constitute a "change in circumstances" which may have to be reported to the bankruptcy trustee and the courts. In that case, the creditors who are scheduled to have their debts discharged upon completion of your payment plan may make a claim for some of those assets.
As I said before, please take your bankruptcy paperwork to a bankruptcy attorney and confirm what effect selling your home will have on the bankruptcy.
Hope that was helpful.
NotaryLawyerS.com
2006-07-12 15:59:17 · answer #1 · answered by ocean11law 2 · 1⤊ 0⤋
If there are any judgments on file against you if you sell the house they will take that off the top. Check your credit to see, they can't get collections against you but they will collect any judgments. Collections will remain on your credit file for an indefinite peroid of time. And check to see how long you have to be in bankruptcy before it discharged, because if it not discharged you can't sell anything or buy anything.
2006-07-12 16:01:11 · answer #2 · answered by candycane55 2 · 0⤊ 0⤋
Too bad youdid not go to a credit consolidator before filling bankrupcy.
Go to a real estate lawyer and get a free first consultation. My understanding is yes, you can sell the home
2006-07-12 15:37:27 · answer #3 · answered by hmc121667 3 · 0⤊ 0⤋
Ask for your attorney , If you have a plan for that, Because If your are done to face your problem.Then you must avoid debt to face again.
2014-09-03 04:25:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Lots of info here.
2006-07-13 07:43:37 · answer #5 · answered by Anonymous · 0⤊ 0⤋