Saint Louis, MO asked in Bankruptcy for Missouri

Q: I filed bankruptcy and now the court trustee sent papers that he is selling my house. What are the procedures?

How long do they have to sell it? How much do I get, I read 15,000 is that correct? After selling how loing to I have before I have to move out?

Related Topics:
2 Lawyer Answers
Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: They have as long as it takes to sell it. Your exemption amount varies depending on whether you used your state exemptions or the federal exemptions.

David Reese Fondren
David Reese Fondren
  • St. Charles, MO
  • Licensed in Missouri

A: You need to make sure you actually did claim your homestead exemption. While you are at it, you may have some head of household and/or miscellaneous exemption that you did not use and can apply also. They are not much, but every dollar counts. You may need to file an amended schedule C.

Generally, trustees want a quick sale. They do not want to wait on the market forever. Work with the trustee's realtor. Full disclosure of everything that is wrong is in your best interest. It will be sold "as is". Trustees do not fix anything or stage anything. If the house is a fixer-upper, some people will pass on it. It all depends on the amount of equity.

You need to begin preparations for the worst case scenario that the house sells. Start making arrangements to move. Get leads from people you know. Get rid of junk and stuff you don't want to move.

The hard part is that you need to continue paying the mortgage just in case the trustee cannot sell the house. If you stop, and the trustee abandons their efforts, the mortgage co will foreclose.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.