Expert: Terry Leeders - 5/30/2007

Question
Hello,
My wife and I have filed for Chapter 7 Bankruptcy but did not include our home. We want to sell our home to avoid foreclosure and due to the current market, our mortgage company has agreed to take a loss in the sale. As we won't make any profit from any sale, is selling a possibility? Or does Chapter 7 forbid any kind of property sale?

Answer
Hopefully, you listed the home and chose to reaffirm (keep) it.  If the case is still open, you would need to get court approval first.  Usually the ch7 cases last about 90 days, so it is easier and cheaper to wait until discharge to sell the property.   If you didn't list the home, you should contact your lawyer to file the appropriate amendments.

Thank you.