Facing bankruptcy can be a very stressful process. If you’ve filed for bankruptcy, several laws dictate what you can and can’t do regarding your property. In the following artical we will be examining the laws that govern whether you can sell your Charlotte, NC property while going through bankruptcy.
Let’s look at the laws that dictate whether you can sell your home. In most houses, a private house is considered exempt from bankruptcy laws, meaning that you can’t be forced to sell your home. However, if the trustee can prove in court that the sale of your property is the best thing to satisfy your creditors, the court may approve the sale. Also, if you want to sell or re-negotiate the finance on your home, you will need to get the approval of the courts. The court might even give you instructions that dictate what you need to do with any money that you might receive from the sale.
Moreover, if you want to sell your property, you will need to prove that you won’t be doing any financial damage to the mortgage lender. Usually, these matters will be decided in bankruptcy court. When determining whether you can sell your home, there are a few things that the judge will need to consider. First, they will look at your circumstances. They will also consider how much the home is worth. If the home is too valuable, it might not be exempt, meaning that you might be forced to sell it to settle your debts. Also, they might consider how much money you owe to creditors. Finally, they will consider any Charlotte, NC laws that will affect whether you can sell the property. Now that we know the process of selling a private home let’s look at the laws that dictate the sale of investment properties.
Investing in the property market can be a great way of making money. However, if you are declared bankrupt, these properties aren’t exempt, like your house. Most of the time, you will be forced to sell these properties and use the money to pay back your creditors. You might be able to stop this process if you can prove that selling them will cause undue hardship.
When filing for bankruptcy, there are many laws that you will need to consider. We’ve discussed some of these laws and how they might affect you. However, for a more comprehensive overview, you should consider hiring a bankruptcy lawyer. They will be able to explain your rights and act on your behalf in court. It would be advisable to hire this lawyer as quickly as possible, ensuring they have plenty of time to familiarize themselves with your case, enabling them to make sure that you get the best possible treatment. When selecting a lawyer, you should consider how much experience they have with bankruptcy cases. Also, consider what services they will provide and how much each service costs. Hopefully, you now understand how the bankruptcy process works in Charlotte.
If you find yourself in a bankruptcy situation that is forcing you to sell your private home or your investment property, please make sure to contact Maverick Property Group, LLC, we are always happy to help our clients find solutions to their difficult real estate problems. You can call us direct at (704) 614-6699.