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?
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.
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.
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