I filed for Chapter 13 seven months ago and currently owe $1300/month to my creditors (approx. 78K total). I currently own a rental home that was exempt from the bankruptcy. It is completely paid off and worth approximately 200K. I would like sell this property and use the proceeds towards paying off my bankruptcy early and to give the rest to my son who is also having financial difficulties with an investment property that he owns (Owes 490K and property is worth 450K).
1) Is early discharge of my Ch13 possible in this manner?
2) In order to do so, would the bankruptcy court have to be the one to liquidate my property?
- How does this liquidation take place – do they sell at appraised value?
- What extra fees, if any, would be involved in the sale?
- Once the sale takes place, would I still be subject to capital gains taxes?
- If I found a buyer who would be willing to purchase the property at a higher price, would they be able to proceed with the sale with this buyer at the agreed to price?
Thanks for any advice you can give
1) Is early discharge of my Ch13 possible in this manner?
2) In order to do so, would the bankruptcy court have to be the one to liquidate my property?
- How does this liquidation take place – do they sell at appraised value?
- What extra fees, if any, would be involved in the sale?
- Once the sale takes place, would I still be subject to capital gains taxes?
- If I found a buyer who would be willing to purchase the property at a higher price, would they be able to proceed with the sale with this buyer at the agreed to price?
Thanks for any advice you can give
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