Q: With booming housing market, can I sell my house for over the homestead exemption?
I have gotten my discharge in chapter 7, but I am considering filing for a motion to abandon on my house. I’ve lost my job and need to get something more affordable. I am worried that since the housing market is up, it will be worth
More now than when I filed. If it does, and I get more than $75k in profit, will I be able to keep all of it?
A: If you’ve gotten your discharge and the trustee has abandoned the property, you should be able to do as you wish with the property.
1. Ask your lawyer.
2. If you don't have a lawyer and the Trustee's filed a report of no distribution, pay your court filing fee, file the Debtor Education Certificate, and wait for the case to close on its own. Because Trustees in CO don't routinely file motions to abandon themselves you can't sell the home until the case is closed as the home remains in the estate.
If you file your own motion to abandon, you'll tip the trustee off that there may actually be non-exempt equity in the home. They may ignore it, or they may take a second look at your house.
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