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Sell house before filing?

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    #1

    Sell house before filing?

    My neighbors son might be interested in buying my house. Since I have 2 mortgages, have a couple of liens from local taxes and owe the IRS I was considering selling the house to send the IRS a lump sum (hoping they don't have a tax lien yet).

    If I sell before filing BK and can document where every dollar went (all equity to the IRS), is that legal? I'm trying to reduce the total amount I owe while considering filing ch. 13 to pay back the taxes 100% and would like to sell my home right before filing. Any thoughts?
    Filed Chapter 7 (Primarily Business Expenses) 04/10/2008 FICO 468 :cry:
    341 on 05/06/08:unsure:House appraisal on day 63:blink: 07/10/2008 Discharged-Asset Case!!!:yahoo:08/09 Transu 559, Equifax 636, Experian 647
    Case Closed 07/15/2009 :D:yahoo:
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    #2
    Originally posted by southernbelle View Post
    My neighbors son might be interested in buying my house. Since I have 2 mortgages, have a couple of liens from local taxes and owe the IRS I was considering selling the house to send the IRS a lump sum (hoping they don't have a tax lien yet).

    If I sell before filing BK and can document where every dollar went (all equity to the IRS), is that legal? I'm trying to reduce the total amount I owe while considering filing ch. 13 to pay back the taxes 100% and would like to sell my home right before filing. Any thoughts?
    Call a lawyer.

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      #3
      I have an appt. scheduled with an atty. and was hoping to avoid a federal tax lien by selling my home first. I figured the presumption of abuse would be eliminated if I had receipts and a papertrail showing where the money went (similar to how some people are forced to sell assets to pay the bills before filing).

      Thanks for the advice, but the reason I asked here is because I haven't gotten a response from a lawyer yet and wanted feedback from the knowlegeable people here first. I appreciate your trying to help, but I was looking for more constructive comments.
      Filed Chapter 7 (Primarily Business Expenses) 04/10/2008 FICO 468 :cry:
      341 on 05/06/08:unsure:House appraisal on day 63:blink: 07/10/2008 Discharged-Asset Case!!!:yahoo:08/09 Transu 559, Equifax 636, Experian 647
      Case Closed 07/15/2009 :D:yahoo:

      Comment

        #4
        How much do you plan to profit? Are you saying majority of the profits would go to taxes? Since that would not be considered a preferential payment, I don't think it would be a problem. Would you be able to pay all the taxes and avoid the 13? I'm just thinking out loud. . .
        Last edited by millerc507; 03-25-2008, 03:53 PM.
        Filed Chap. 7 - 9/21/2007
        341- 10/29/2007

        Comment

          #5
          You can sell assets before BK, that is not a problem, and using the money to pay a priority creditor is "not likely" a problem.

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