Real estate issues in bankruptcy

Question: I'm in a chapter 13 bankruptcy and I'm making payments every month to the trustee. I've been in the bankruptcy for over a year and I think I'll be paying for another 4 years.

My question has to do with my house. A real estate broker actually came to my front door and asked me if I wanted to sell the home. We're on a busy road and I think a car dealership wants to build a showroom where my house is. They said they'd pay me a lot more than I think the house is worth. So I'd like to sell it and get the money.

I actually inherited the house from my grandmother a few years back and I can really use the money now.

I need to know if I can sell the house and what I need to do to make that happen because of my bankruptcy situation. I don't want to make any mistakes and I know these issues can be tricky and I heard your firm really knows bankruptcy law.

J.M. in Woodstock, GA

Answer: We address a lot of real property issues in our bankruptcy practice. Questions can involve residential or commercial real estate or undeveloped property.

We get a lot of inquiries because many people own homes and some people own a vacation home or investment property. We answer questions including how to value houses and property and how to prevent foreclosure.

In general, any sale of real property must be approved by a bankruptcy trustee if the closing is to occur while the bankruptcy case is open. The sale is generally approved if the house is sold to a non-insider (non-relative) and is sold for market value.

About Us

Need help with financial problems? Looking for a fresh start? When you need to speak with a bankruptcy lawyer, we're here to help you. Call us at 678-215-4106.

Attorneys Bill Sherman and Valerie Sherman and the great team at the Sherman Law Group will help you navigate the entire bankruptcy system. We proudly serve the entire Atlanta metro area and North Georgia.

Let our experience work for you. We've proudly served as a Magistrate Judge, an Assistant Attorney General and as a Senior Assistant County Attorney.

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