When you get behind on your loan payments and start getting overwhelmed by your debt, you might consider filing for bankruptcy in West Virginia. After all, bankruptcy is a legal process that allows a person who isn’t able to pay off their debts to be excuse from the obligation to repay. Essentially, this gives those who successfully file for bankruptcy in West Virginia a fresh financial start.
If you’re thinking of how you can get out of bankruptcy, pay your debts, or both, you might think of selling your largest asset, your house. This can help put you in a better position after filing for bankruptcy or to avoid bankruptcy in West Virginia altogether. In this article, we’ll discuss how bankruptcy will affect the sale of your house, and how you can sell your house fast in WV.
Kinds of bankruptcy in West Virginia
When filing for bankruptcy, there are 2 main types to consider: Chapter 7 and Chapter 13. Chapter 7 is also known as “straight” bankruptcy and involved selling off a person’s assets and property to pay down their debt. Certain exemptions apply, such as up to $25,000 in home equity. In this kind of bankruptcy in West Virginia, you may not have to repay any of your debts before they are discharged.
Chapter 13 is also known as “debt adjustment” which will involve paying back a portion of your debts before they are discharged. This allows you to spread out your payment arrearage over as much as 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.
This is exactly why you must know which kind of bankruptcy you plan to file or have filed before working on selling your home. If a property you own is worth more than what’s legally allowed, you won’t be able to protect it from your creditors and will be sold without your input. If you have a property that is worth more than $25,000, it’s better not to file Chapter 7. You should consult with legal counsel before filing to check if there are additional exemptions which may protect the rest of your property.
How to sell my house fast in in WV while going through bankruptcy
If you haven’t filed for bankruptcy in West Virginia yet, then you should get moving on the sale of your home. If you’ve already filed for bankruptcy and are sure you can keep your home, it will be better to wait for the bankruptcy to close and have a in place to sell to help put you in a better position post-bankruptcy.
Get confirmation to sell the property
If you’ve already filed for bankruptcy, you should speak with your bankruptcy lawyer and your trustee to confirm that the court doesn’t need to approve of the sale first.
If you haven’t filed yet, you can sell your home at any time and use the proceeds to pay off your debts.
Decide on a selling strategy
When you get the go signal to sell your home, the next step will be to figure out how to sell your home. The traditional method means involving a real estate agent to help with the sale. Otherwise, you can simply list the house for sale as FSBO (For Sale By the Owner).
Either way, chances are you’re going to need to do some repairs on the home to help boost its appeal to potential buyers. Don’t forget to consider other costs that come with the sale such as listing costs, agent commission, and closing costs.
Consider a cash home buyer
In case you’re looking to sell my house fast in WV, a great solution would be to go with a cash home buyer in Kanawha County. Looking for an individual may be difficult, so you can choose a professional home buying company like 3 Oh 4 Investments, LLC. We buy houses in West Virginia in any condition! Through our simple process, you can truly sell your house fast in WV without having to worry about repairs. Save money as well since we don’t charge any commissions with zero hidden fees.
Contact 3 Oh 4 Investments, LLC today and learn how we can help you prevent bankruptcy in West Virginia when you sell your Kanawha County property!
