Q: If you have a house that you need to sell however you are in the middle of a bankruptcy when can you sell the house?
My husband passed away recently from cancer. Because of the expenses, we are in dire straights financially and I will probably have to file for bankruptcy while I try to determine what to do. I need to keep my house long enough to be able to sell it and get the equity+ out of it. The house is homesteaded. Can I file for bankruptcy and still try to sell the house? And yes, I am behind on the payments.
A: Any equity you have in that house (above your exemption) would belong to the bankruptcy estate if you file bankruptcy. Meaning, the Trustee might sell it to take that money to pay your creditors. You may have enough of an exemption to protect that equity, but what is available to you will depend. Do not file bankruptcy on your own. Make sure you retain an experienced bankruptcy attorney.
Timothy Denison agrees with this answer
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