Kingston, PA asked in Bankruptcy for Pennsylvania

Q: I need to file bankruptcy but I sold my house 6 months ago, how long do I need to wait til file

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2 Lawyer Answers

W. J. Winterstein Jr.

  • Bankruptcy Lawyer
  • Boyertown, PA
  • Licensed in Pennsylvania

A: If you've sold your house for a "fair price", that is, for fair market value, in an arm's length transaction, then the sale of your house should have no impact on your decision about, or timing of, a bankruptcy filing.

You need to evaluate your current asset values and debts, and the payment terms of those debts, to determine whether to file for bankruptcy relief, and which chapter of bankruptcy under which to file, and when to file.

I strongly recommend that you consult with an experienced bankruptcy lawyer to assist you to make those decisions,

Timothy Denison

  • Bankruptcy Lawyer
  • Louisville, KY

A: If it was an arms length transaction for the fair market value of the property, it should not affect you. If it wasn’t, you have about 18 more months to wait. Consult an experienced bankruptcy practitioner who can guide you in the right direction.

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