Many homeowners are overwhelmed by their debt. As financial issues due to circumstances beyond their control changed their ability to pay creditors, they find they have no option but to claim bankruptcy, which can stop a foreclosure on their primary residence.
Those with secured and unsecured debts totaling less than $2,750,00 are eligible for chapter 13. Chapter 13 enables individuals with regular incomes, under court supervision and protection, to repay their debts over an extended period of time according to a plan. The plan may call for full or partial repayment. Corporations cannot file under Chapter 13 of the Bankruptcy Code.
A chapter 7 bankruptcy is a liquidation process in which the trustee sells your assets to pay debts based on your total income, debt, and ability to repay.
Often, homeowners want to sell their houses to solve at least some of their financial difficulties but wonder if it is possible during bankruptcy proceedings. While the rules for the process may differ for the type of bankruptcy you file under, and many factors influence the final determination, for most homeowners, the short answer is yes, you can sell your house during bankruptcy in Lynchburg VA.
Please note that this article is for informational purposes, not financial or legal advice.
You’ll need to file a motion with the court for leave to sell real property or approval to sell your house during bankruptcy in Lynchburg VA. The court will want to know the selling price, your plans for the proceeds, and names of creditors holding liens on the property. This motion allows your creditors and any trustee to object, with the court determining the disbursement of any funds.
In a traditional sale, you’ll need to add a contingency clause to the contract to sell your house during bankruptcy in Lynchburg, stating that the sale is contingent upon obtaining bankruptcy court permission. Under chapter 7, the trustee may determine to sell the house if your home has high unprotected equity under your bankruptcy exemption. With the funds, the trustee pays any secured debts like the mortgage, provides you with the exempted amount you are entitled to and then satisfies any unsecured creditors with a pro ratio share of any remaining funds.
You may wonder what happens to any proceeds after the mortgage is satisfied when you sell your house during bankruptcy in Lynchburg VA. Of course, much will depend on your homestead exemption. However, the proceeds will likely go towards paying any remaining unsecured creditors or paying for the bankruptcy case.
Under chapter 13, if you sell your house during bankruptcy in Lynchburg VA, you will need to modify your planned payments. Depending on the realized sale value, you may pay your plan off earlier as the proceeds go directly towards the bankruptcy.
Itemized Payoff Statement
To ensure no fees remain to surprise you after you sell your house during bankruptcy in Lynchburg, you should request an itemized payoff statement.
Don’t hesitate! With competition still driven by low supply and rising interest rates on the horizon, now is the time to cash in on your house, and the best way to sell your house during bankruptcy in Lynchburg VA is to sell directly to the cash investors at Linken Investments. Our policy at Linken Investments is full transparency through every step of the process because we want you to decide which sales method works best for your situation. To that end, a cash home buyer from Linken Investments will detail your expenditures and potential profits from a conventional listing with an agent, vs. our offer, which you’ll agree is fair. At Linken Investments, we do this because we are your neighbors here in Lynchburg, we care about our community and the people in it, and we want you to feel good about working with us long after the deal is closed.
The seasoned pros at Linken Investments have experience with sellers going through bankruptcy and have the solution you seek, providing you with a guaranteed closing date, charging no commissions or closing costs with no unpleasant surprises.
If you’d like to avoid the work and out-of-pocket costs of prepping your house to list on the Lynchburg real estate market, a direct sale to the cash investors at Linken Investments is the solution. The cash investors at Linken Investments never charge commissions, and there are no hidden fees. So you can put your wallet away and relax; you won’t even need to worry about showings when you make a direct sale to a cash investor from Linken Investments. For a no-hassle sale of your home during bankruptcy: a cash investor from Linken Investments will buy your house directly, as-is, for cash. Call Linken Investments at 434-390-2906.
Linken Investments, Lynchburg’s Trusted Home Buyer and Seller
Linken Investments LLC. is a local real estate solutions company based out of Lynchburg, VA. We are Lynchburg’s Trusted Cash Home Buyers. We have been buying houses for cash in the Lynchburg area since 2005. We are also Licensed Realtors in the state of Virginia. Since we are a real estate investment company as well as a licensed and reputable real estate agent, we have multiple ways we can work with you to sell your Lynchburg area home on your schedule and for the highest price. We provide you a way to see all of your options in one spot… letting you choose whether you want to maximize the price of your sale by listing on the Lynchburg MLS or whether selling fast and simply is more important to you.
Our years of experience are one reason clients trust Linken Investments to complete the sale of their Lynchburg area property quickly with honesty and integrity. We’re a family-owned business and focus on helping homeowners like you find solutions to your problem whether you’re going through a foreclosure, selling an inherited property, or just need to sell your house fast for any reason. Linken Investments offers you the chance to sell your home in a simple, stress-free, cash transaction, or you can list the house with us. We’ll sell your Lynchburg area house at the highest possible price with our wide buyer network and the best marketing in Virginia.
Linken Investments can buy your home exactly as it is, no repairs or cleaning needed, and we pay all cash and close fast, in as little as 7 days or when it works best for you. Think of all the time and money that can save you. There’s no easier or quicker way to sell your Lynchburg house fast and get on with the next chapter in your life.
It won’t cost you any money and only about an hour of your time to find out how much cash we’ll pay you for your house. And you’ll be under no obligation to accept our offer, so you have nothing to lose but a house that’s standing between you and the life you want to enjoy.
Give us a call or text anytime 434-390-2906 or fill out the short form here today!