Can I keep the profit from the sale of my property after a chapter 7 discharged 3 years ago? - Bankruptcy Law Questions and Answers-

Free Answers to your Legal Questions by Lawyers.
ask »

Can I keep the profit from the sale of my property after a chapter 7 discharged 3 years ago?

Can I keep the whole amount?

David R. Fondren, Attorney at Law
Contact this Attorney Now

It was discharged. But, was the case closed by the trustee? If the asset was listed on your schedules, claimed as exempt by you, and abandoned by the trustee, you are good to go.

Answer Applies to: Missouri
Replied: 1/9/2014

Answer By William Rhymer
Rhymer Law Firm
Contact this Attorney Now

Usually yes and yes, unless the property sold for a lot more than you told the court it was worth and the trustee claims you purposely misled the court about the value of the property. Talk with your Chapter 7 lawyer and he or she can give you a more definitive answer.

Answer Applies to: Georgia
Replied: 1/3/2014

Answer By Shawn N. Wright

Contact this Attorney Now

As a normal rule, once your Chapter 7 case is discharged and closed, then you have no further duty to report back to the Bankruptcy Court or to the Chapter 7 Trustee. I don't know all the details of your specific case, but as a general rule, you would be able to keep all of the net proceeds of your real estate sale.

Answer Applies to: Pennsylvania
Replied: 12/31/2013

Answer By Mark Cherry
Mark S Cherry, Attorney at Law, PC
Contact this Attorney Now

Make certain that there was an "Abandonment" by the Trustee in the Bankruptcy. If so, the answer is that you can keep the profit after payment of the secured debts,

Answer Applies to: New Jersey
Replied: 12/31/2013

Answer By Dorothy G Bunce
A Fresh Start
Contact this Attorney Now

As long as you included the property in your Chapter 7 petition and as long as you claimed it as exempt, you are free to do as you please with whatever property you own. Any liens against the property will have to be paid in order for you to deliver a clear title.

Answer Applies to: Nevada
Replied: 12/30/2013

Answer By Kirby G. Moss

Contact this Attorney Now

If your case was closed back then(you would have received notice of this) then you can keep the profit based on these limited facts.

Answer Applies to: Indiana
Replied: 12/30/2013

Answer By Stella Havkin

Contact this Attorney Now

Yes. The trustee can only go after the sale proceeds for 6 months after discharge.

Answer Applies to: California
Replied: 12/30/2013

OlsenDaines, PC
Contact this Attorney Now

Assuming your bankruptcy is closed (receiving a discharge is not the same as having your case close) and your home was protected by a homestead exemptionwhich allows you to keep your home after bankruptcy-then yes, you may keep all proceeds from the sale of your home. You should review any and all paperwork that you received from the court and the trustee's office to ensure that your bankruptcy case has closed properly.

Answer Applies to: Idaho
Replied: 12/30/2013

Answer By Michael Johnson
Law Office of Michael Johnson
Contact this Attorney Now

If homestead then yes.

Answer Applies to: Florida
Replied: 12/30/2013

Answer By Debby Bowinski

Contact this Attorney Now

Yes, as long as the property was correctly listed an valued in your bankruptcy schedules at that time.

Answer Applies to: Colorado
Replied: 12/30/2013

© 2017 MH Sub I, LLC. All rights reserved.
Terms & Conditions | Privacy Policy | IB Cookie Policy