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A chapter 13 involves a plan you and your attorney have proposed to the creditors for them to object or not and the court to allow if no objections are filed. The C. 13 trustee does not "force" you to do anything, other than propose a fair plan according to your income and expenses
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What kind of paperwork does the trustee need in order to sell the house after filing chapter 13?
Unless the house was owned free and clear by the debtor, the trustee does nothing. The mortgagee forecloses and auctions the house off. If there was no mortgage, the trustee will either sell the house or auction it off.
How to Sell house before chapter 7 discharge?
If you are in a chapter 7, you cannot sell any property without permission from the court and the knowledge of the trustee. Get a lawyer if you do not have one.
How do you sell your house if you are in chapter 13?
You start by speaking with your case trustee/adminstrator. He must be involved by the terms of your case and agreement.
Can the bankruptcy trustee try to shortsale your house before the stay has been lifted instead of letting the bank go through the foreclosure process?
Yes, but this is very rare. A Chapter 7 bankruptcy trustee will generally not seek to sell real property if the mortgage and other liens exceed the value. The Trustee's job is to liquidate assets for the benefit of unsecured creditors. If a Chapter 7 trustee were to sell a house that is upside-down, only the secured lien holder would realize anything from the proceeds, the trustee and unsecured creditors would get nothing. It would be an exercise in futility However, some aggressive Chapter 7 trustees have been known to try to force a short sale and/or stall a foreclosure in order to negotiate some sort of payment for the estate.
If you are currently under Chapter 13 and have been for about 2 years how long does it take before you can try to sell your house and purchase another one?
That's a decision that is made by the BK trustee. The participants of a chapter 13 bankruptcy must get the permission of the trustee for all major financial transactions.
Is it mandatory for trustee to sell principal residence?
If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.
Do you need a trustee for chapter 7?
Yes, but the court usually appoints one for you. In Chapter 7, the trustee's job is to gather your non-exempt assets (if any) and sell them to pay the creditors, or to verify (as in most cases) that there's no non-exempt assets.
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
Can you sell my home while in a chapter 13 bankrupcty and keep the profits?
You will need to obtain the consent of the Chapter 7 trustee before selling any property of the bankruptcy estate.
What will happen after you voluntary surrender your house in chapter 7?
The trustee will retain an attorney then proceed to list and sell your house. You will have no say in who buys it or at what price. You will receive notice once they have a buyer and offers will continue to be accepted up until a final date which you and all of your creditors will be noticed of.
How long after filing chapter 7 can you sell your vehicle?
The debtor cannot sell nor transfer any property without the permission of the bankruptcy trustee or until the BK has been discharged and closed.
How does a trustee know what they can sell in a chapter 7 and does a person have a trustee if they have a lawyer?
Both the laws and the bankruptcy filing, and the info the court finds (like that provided from creditors...who will ask the trustee about things you claimed to own on your crdit application), and from credit reports and tax returns, all types of things provide information for the trustee to act on. The trustee exists with or without a lawyer. In fact, your lawyer may be an advisory to the trustee on many things.
