Legal Question in Bankruptcy in Nevada

real estate

can you sell your home after you have filed chapter 7 bankruptcy, about 3 years after filing or can you quit claim it to a child.

thank you


Asked on 11/30/02, 10:59 am

1 Answer from Attorneys

Selling real estate after Chapter 7 Bankruptcy

Although you cannot sell real estate while your bankruptcy is open without Court authorization, you certainly can sell it or transfer it to a child by "quit claim" once the discharge is granted. You can get court authorization to sell real property during the bankruptcy if it is protected by the "homestead exemption." Although the process is not too difficult, it can take several months to complete. If you have a judgment lien against the real property that was included in the Bankruptcy, you will want to go back to the Bankruptcy Court to reopen the case & eliminate the lien. How would you know if there is a judgment lien? You probably would never know, so order a "title report" from a title insurance company to find out. If there is a lien, you should see your lawyer immediately. The lien will not just go away because title is transferred. In order to sell the property, the lien must be cleared up - either by getting the lien eliminated by Court Order or by paying it. And nobody should pay a lien that should have been eliminated in Bankruptcy!

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Answered on 11/30/02, 2:19 pm


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