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Selling house 100 percent plan

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    #1

    Selling house 100 percent plan

    We are about 2 years in on a 100% plan.
    If we sell our house we will profit between $10,000 to $20,000 after paying off 1st and 2nd mortgage. Does anyone know what happens with this extra money? Does it have to go directly into the plan? Do we get to keep it?

    I have my attorney looking into all this and he will be getting back to me. Just wondering if anyone has experience with this or knows anything about it?
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    #2
    It could go either way. Would $10-$20K payoff your plan?
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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      #3
      No. It would not payoff the plan.

      Comment

        #4
        You could negotiate with the Trustee to keep some or all of it. In some Districts/States, the proceeds are protected (exempt) if you use them on another homestead within a certain period of time. I don't know if Wisconsin has those protections.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

        Comment

          #5
          Originally posted by hudson View Post
          We are about 2 years in on a 100% plan.
          If we sell our house we will profit between $10,000 to $20,000 after paying off 1st and 2nd mortgage. Does anyone know what happens with this extra money? Does it have to go directly into the plan? Do we get to keep it?

          I have my attorney looking into all this and he will be getting back to me. Just wondering if anyone has experience with this or knows anything about it?
          Can you exempt that using a homestead exemption?

          Comment

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