When your debt starts to overwhelm you and you fall behind on your loan payments, you might think about declaring bankruptcy in West Virginia. Since bankruptcy is a legal procedure, it enables someone who is unable to repay their debts to be released from that duty. In essence, this provides those who successfully file for bankruptcy in West Virginia with a new financial beginning. You might consider selling your largest asset, your home, if you're wondering how to recover from bankruptcy, pay off your debts, or both. This could help you avoid bankruptcy in West Virginia or put you in a better position after filing. In this article, we’ll discuss how bankruptcy will affect the sale of your house, and how you can sell your house fast in Kanawha County.
During bankruptcy, there are a lot of things you need to remember before selling your house for fast cash in Kanawha County. Here are some of them:
What is bankruptcy and when do you qualify?
Bankruptcy is a set of federal laws and rules that can help people like you who owe more debt than they can pay through a series of legal options. Bankruptcy laws help people who are unable to pay their creditors get a fresh start by liquidating their assets to pay their debts, or through creating a manageable repayment plan they can follow.
What are the kinds of bankruptcy in West Virginia?
There are two main types of bankruptcy to take into account when filing: Chapter 7 and Chapter 13. Chapter 7 bankruptcy, commonly referred to as "straight" bankruptcy, entails selling off a person's possessions and assets in order to pay off their debt. There are certain exceptions, including up to $25,000 in home equity. You might not have to pay back any of your debts in West Virginia in this type of bankruptcy before they are forgiven. Chapter 13 is also referred to as "debt adjustment," which entails making a partial repayment of your obligations before their discharge. You can do this to spread out your payment arrears over a period of up to 60 months. This is useful for those looking to save a home or car, as you generally need to be current with your payments on secured assets if you intend to keep them before filing a Chapter 7 bankruptcy in West Virginia.
Is selling your home during bankruptcy the right decision?
Federal courts under U.S. law govern the U.S. Bankruptcy Courts. However, under federal law, states are free to enact their own regulations on the property that citizens may shield from creditors during bankruptcy. For instance, West Virginia has chosen to enact its own laws regarding exempt property. Your home may be sold while filing for Chapter 13 bankruptcy. However, it's also possible that you won't receive any of the proceeds as it will be used to cover your debt. If you don’t have any other assets, you can choose to sell your home to help with your debt and move the bankruptcy proceedings forward.
Sell your home through FSBO
Another alternative is to sell your house through FSBO, or for-sale-by-owner. The FSBO label notifies potential buyers that they won't need to work with a real estate agent during the entire purchasing process because the owner is the one selling the home. Selling FSBO has the disadvantage that you will be in charge of every element of selling your home. This includes holding open houses, communicating with clients, and producing paperwork. However, if you’re on a budget and would rather just sell your home yourself, this is a viable option.
Sell to a professional home buyer
If you’re thinking of selling your home during bankruptcy, why not choose to sell to a professional home buyer? The process is quick, painless, and you get paid in cash. If you are just looking to make a quick sale and are not too concerned about the traditional way of selling homes, you can just sell to a professional home buyer. Why not speed up the process and sell your property to us? Here at 3 Oh 4 Investments, we buy houses in Kanawha County, WV regardless of the condition. You get to dispose of your old home and you get to walk away with a competitive cash offer when you choose this easy, worry-free option.
If you’re looking to sell your house fast in Kanawha County, WV while in bankruptcy, you should consider selling to a cash home buyer like 3 Oh 4 Investments. We buy houses in Kanawha County, WV regardless of the condition or situation it is in, so you don't have to worry about renovating or upgrading your home just to make it more marketable. Interested in selling your home to us? Give us a call at (304) 314-4341 and learn more about the home buying process today!
Company Name: 3 Oh 4 Investments, LLC
Contact Person: Morgan L
Email: Send Email
Phone: (304) 314-4341
Address:PO Box 497
State: West Virginia
Country: United States