AllExperts > Bankruptcy Law 
Search      
Bankruptcy Law
Volunteer
Answers to thousands of questions
 Home · More Bankruptcy Law Questions · Answer Library  · Encyclopedia ·
More Bankruptcy Law Answers
Question Library

Ask a question about Bankruptcy Law
Volunteer
Experts of the Month
Expert Login

Awards

About Us
Tell friends
Link to Us
Disclaimer

 
 
 
 
About Terry Leeders
Expertise
Handles Chapter 7 and Chapter 13 bankruptcy cases.
10 years of extensive bankruptcy experience. Filed over 3000 cases
Chicago Bankruptcy Lawyer website
"One On One Personal Service You Deserve"


Experience
I have been practicing bankruptcy law for 10 years. I have helped over 3000 consumer bankruptcy clients in that time.

Organizations
Chicago Bar Association Illinois Bar Association

Publications
author of Chicago Bankruptcy Blog
Chicago Chapter 13 Bankruptcy Blog
Illinois Bankruptcy Law Blog
Fresh Start Partners

Education/Credentials
University of Illinois Thomas M. Cooley Law School
Chicago Bankruptcy Lawyer website
 
   

You are here:  Experts > Business > Corporate Law > Bankruptcy Law > Short sale in Ch.13 bankruptcy vs. foreclosure

Bankruptcy Law - Short sale in Ch.13 bankruptcy vs. foreclosure


Expert: Terry Leeders - 6/5/2009

Question
We are currently in Ch.13 bankruptcy and paying payments to the plan. We have an opportunity to sell our home to a couple through short sale. We were told by our lawyers that we would have to dismiss our Ch.13 case to let the short sale take place therefore letting the creditors come after us for their money. Is this true? We are in the state of Maryland and confused as to what the best option is for us.

Answer
It depends. The court and trustee would need to approve the short sale. Each state & jurisdiction is different, so have the attorneys explain why they suggested what they did.  You may be able to consider a conversion to chapter 7 depending on other assets and income, so ask about that as well.

Add to this Answer   Ask a Question


 
User Agreement | Privacy Policy | Kids' Privacy Policy | Help
Copyright  © 2008 About, Inc. AllExperts, AllExperts.com, and About.com are registered trademarks of About, Inc. All rights reserved.