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
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!
Related Questions & Answers
-
Can you file bankruptcy on a judgment? IN 2000 I was sued for 10,000.00 for battery... Asked 11/20/02, 4:06 pm in United States Nevada Bankruptcy Law
-
New Bankruptcy Law I wanted to know if the new bankruptcy law had been passed and/or... Asked 11/20/02, 11:35 am in United States Nevada Bankruptcy Law
-
Claiming possible future income I am considering filing chapter 7 bankruptcy and am... Asked 11/17/02, 1:31 am in United States Nevada Bankruptcy Law
-
Chapter 7 I have 3 questions regarding Chapter 7: Will Chapter 7 be available next... Asked 10/28/02, 1:26 pm in United States Nevada Bankruptcy Law
-
Student Loans When filing bankruptcy, can Student Loans be included? Are they... Asked 8/20/02, 4:29 pm in United States Nevada Bankruptcy Law