Get Flexibility While Selling Your Home in Utah

If you’re behind on your mortgage and want to sell, Chapter 13 lets you delay the home sale for years and pay the arrearage out of the sale.

  In a recent blog post we listed 10 ways Chapter 13 helps you keep your home. Here’s the third one of those ways:

3. Much Greater Flexibility in Selling Home

If you want to sell your home while in the midst of a lot of financial pressure, Chapter 7 “straight bankruptcy” does not buy you much time. It protects you and your home from your mortgage lender for at most only about …

Chapter 7 vs. Chapter 13–Delayed Sale of Your Home

Under Chapter 13 case you can schedule a delayed sale your home within your court-approved plan. Or leave things more open-ended.   In our last blog post we described briefly how Chapter 13 can often give you tremendous flexibility about the timing of the sale of your home. Here we expand on your options. A Scheduled Home Sale If you definitely plan on selling your home and you know when you want to do so, you can build your Chapter 13 plan around that sale. Depending on your situation, you may be able to schedule selling your home anytime during…

Chapter 7 vs. Chapter 13–Sell Your Home When You Want While Protecting Its Increased Equity

Have the flexibility to sell your home on your schedule and giving time for it to gain value, protecting that value from your creditors.    If you are feeling overwhelmed by debts and wondering if you should file bankruptcy, and if in the midst of this you own a home, you might also be wondering whether you should be selling it. Let’s assume that you’d rather not sell right now, because it’s not the right time for personal or family reasons. Or maybe the home doesn’t have much equity now but its value is increasing and so you think it will…

Chapter 7 vs. Chapter 13–Selling Your Home If You Have Equity but Lots of Other Debts

Protect the equity in your home from your creditors through either of the consumer bankruptcy options.   If you have some equity in your home bankruptcy may enable you to keep that equity—to help your transition into a rental, to buy another home, or to put it into retirement. Today we’ll look at how that works under a Chapter 7 “straight bankruptcy” and then next time under Chapter 13 “adjustment of debts.” Without Bankruptcy If you have some equity in your home and you owe more other debts than you can handle, that equity is likely in jeopardy. Your creditors and…

Mistakes to Avoid in Utah–Selling Your Home Because of Owing Income Taxes

If you owe a lot of income taxes and a tax lien has been recorded on your home, it’s understandable to consider selling your home.   This series of blog posts is about how to make better decisions about selling your home when under pressure from your creditors. Some of the biggest pressure can come from the IRS and the state taxing authorities. There are some persistent misconceptions are about how bankruptcy can and can’t help with income taxes and income tax liens. If You Have Income Tax Debt If you owe back income taxes, especially if you owe for a…

Mistakes to Avoid in Utah–Dumping Your Home Because You Can’€™t Afford It

Could you hang onto your home forever, or at least longer, if you didn’t have your other debts or didn’t have to pay the second mortgage?   This series of blog posts is about how to make better decisions about whether to sell your home and when, if you are under pressure from your creditors. If You Really Shouldn’t Be in this House You may in fact need to sell your home if it’s more house than you need, or its cost is way beyond your present financial abilities. Buying this house may have been a mistake that needs to be…

Mistakes to Avoid in Utah–Wait until a Better Time to Sell Your Home

Bankruptcy can buy you from a few more months to several years so that you can sell your home when financially and personally ready to do so.   Selling under Pressure If you are being pushed to sell your home quickly because of serious financial pressures, please know that there’s a good chance that there’s a way to get rid of that pressure and sell the home on your own schedule. Selling on somebody else’s schedule is no good. Whether it’s because of an upcoming foreclosure or the threat of one, or because of overall creditor problems, it’s understandable that you…