Offer to buy on Rental property right before filing?

[howtoplan]

We have gotten an offer to buy our rental. Do we accept it and just try to exempt the proceeds (if that is even possible) Will the BK estate ultimately be closing the sale or us?

[chad9162]

My understanding is...

It doesn't matter if its cash or property... it's asset that is exempt or not. If you sell it you need to have paperwork showing it was sold at Market Value and preferably sold to a non-family member. The proceeds could then be used to live, but receipts to prove where the money went would be needed...just in case. I would ask an attorney in the area how the trustee in your district handles this.

[tknj99]

I'm in the same boat. 1 of my rental properties has a contract for purchase that will net me around $20k. My lawyer said to spend on living expenses. I will probably use the money to replace the windows/doors in my house.