{"id":54,"date":"2019-03-29T18:49:48","date_gmt":"2019-03-29T18:49:48","guid":{"rendered":"https:\/\/clevelandcashhousebuyer.com\/?page_id=54"},"modified":"2020-07-07T03:46:32","modified_gmt":"2020-07-07T03:46:32","slug":"bankruptcy","status":"publish","type":"page","link":"https:\/\/clevelandcashhousebuyer.com\/bankruptcy\/","title":{"rendered":"We Work Fast to Sell House in Bankruptcy in Cleveland, Ohio"},"content":{"rendered":"
<\/p>\n
Selling a property in bankruptcy is a process that involves plenty of challenges and potential problems. Filing for bankruptcy and selling a house, condo, apartment or townhouse requires legal now-how, and the process can easily seem intimidating. The following article will help you discover the best way to proceed.<\/p>\n
Chapter 7 bankruptcy is one of the most well-known and common types of bankruptcy. It can be used by individuals who want to liquidize their assets to pay off all collectors.<\/p>\n
Chapter 9 bankruptcy is for large municipalities, such as cities and smaller towns. Using Chapter 9, municipalities can reorganize their finance to address their debts more effectively.<\/p>\n
Chapter 11 is for businesses, and anything from large corporations to small sole proprietorships can file this type of bankruptcy.<\/p>\n
Chapter 12 is used by \u201cfamily fishermen\u201d and \u201cfamily farmers\u201d so that they can pay back any outstanding debts over a period of three to five years.<\/p>\n
Like Chapter 7, Chapter 13 bankruptcy is an extremely common form of bankruptcy for individuals. Instead of liquidating assets, individuals with consistent income file for Chapter 13 and pay off their debts slowly on a monthly basis.<\/p>\n
Chapter 15 is for cases that involve foreign debtors who have assets in multiple countries.<\/p>\n
Although selling your home after filing for Chapter 7 bankruptcy isn\u2019t a common route, it is possible if you follow the correct legal steps. Many people don\u2019t get a chance to sell their home during Chapter 7 because home foreclosures often happen during asset liquidation.<\/p>\n
However, if your property is exempt from liquidation, then you will still own the property and can sell it. In order to move forward with the selling process, you\u2019ll have to bring the matter to a bankruptcy court and receive permission from your trustee.<\/p>\n
Filing Chapter 13 and selling your house is a more common option because this type of bankruptcy allows individuals to avoid asset liquidation in exchange for monthly payments. You\u2019ll still own your home when filing Chapter 13 bankruptcy, so you\u2019re able to sell it during the process. However, you\u2019ll still need permission from your trustee or bankruptcy court before selling.<\/p>\n