How To Sell Your Home During Bankruptcy In TN

Navigating bankruptcy can be an overwhelming process, and selling your home during this time adds another layer of complexity. If you’re considering selling your property while undergoing bankruptcy in Tennessee, New Horizon Home Buyers is here to help. We specialize in buying homes quickly and efficiently, offering a hassle-free solution that can simplify your financial situation.

This comprehensive guide will provide you with essential information on how to sell your home during bankruptcy, including the steps involved, potential challenges, and how New Horizon Home Buyers can assist you.

Understanding Bankruptcy and Home Sales

What is Bankruptcy?

Bankruptcy is a legal process that provides relief to individuals or businesses unable to repay their outstanding debts. In Tennessee, there are two main types of personal bankruptcy:

Chapter 7 Bankruptcy: Also known as liquidation bankruptcy, this involves selling off non-exempt assets to pay off creditors. Any remaining debts are typically discharged.
Chapter 13 Bankruptcy: This involves creating a repayment plan to pay off debts over three to five years, while keeping your assets, including your home.

How Bankruptcy Affects Homeownership

During bankruptcy, your home may be considered an asset that can affect your financial situation. The outcome depends on the type of bankruptcy you file and the specifics of your case:

Chapter 7: Your home could be sold to repay creditors, but exemptions may allow you to keep it if you meet certain criteria.
Chapter 13: You may be able to keep your home by including mortgage payments in your repayment plan, but selling the home is still an option if it aligns with your financial strategy.

We Buy Houses In Tennessee
Sell Your Home Without A Realtor!

At New Horizon Home Buyers, we specialize in buying TN houses directly from owners who want to sell their home fast for cash without using a realtor. Here’s how our simple home selling process works…

Step 1

FILL OUT THE FORM

Fill out the form to give us some basic information about your property.

Step 2

GET YOUR CASH OFFER

selling your Home During Bankruptcy In TN

We will contact you to discuss your cash offer with NO Obligation to accept.

Step 3

GET PAID

We schedule a closing date that works for you and you get paid!

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Steps to Sell Your Home During Bankruptcy

1. Consult Your Bankruptcy Attorney

Before making any decisions, it’s crucial to consult with your bankruptcy attorney. They can provide guidance on how selling your home will impact your bankruptcy case and help you navigate the legal requirements.

2. Evaluate Your Home’s Value

Determine the market value of your home by getting a professional appraisal or comparative market analysis. Understanding your home’s value will help you set a realistic selling price and determine how it fits into your bankruptcy plan.

3. Review Bankruptcy Exemptions

In Tennessee, certain property exemptions may allow you to protect a portion of your home’s value from being sold during bankruptcy. Your attorney can explain which exemptions apply to your situation and how they might affect your ability to keep or sell your home.

4. Get Approval from the Bankruptcy Court

In many cases, you will need to obtain approval from the bankruptcy court before selling your home. Your attorney will help you file a motion to sell, which must be approved by the court to ensure that the sale complies with bankruptcy regulations.

5. Prepare Your Home for Sale

Once you have court approval, prepare your home for sale. This may involve cleaning, repairing, and staging the property to make it more appealing to potential buyers. Consider working with a real estate agent to handle the listing and marketing of your home.

6. Accept an Offer and Close the Sale

Review offers from potential buyers and choose the one that best meets your needs. Once you accept an offer, proceed with the closing process. Ensure that the sale proceeds are used to satisfy any outstanding debts or obligations as required by your bankruptcy plan.

We Buy Houses Without The Hassle

Competitive Cash Offer

We will work with you to make a fair cash offer for your home that’s a win-win for everybody.

No Fees Or Realtor Commissions

We buy the house directly from you. There are no realtors involved which means no realtor fees.

We Pay Closing Costs

We pay the closing costs associated with selling your property so you don’t have to.

Fast / Flexible Closing Dates

You have total flexibility to choose when you want to close. Sell your house fast or take your time. It’s up to you.

No Cleanup Needed

Don’t worry about cleaning up the home or fixing anything. We will buy your house totally as-is.

Got Another Offer? Let Us Try & Beat It!

We can often offer more than other cash home buying companies. There’s no obligation so what do you have to lose?

Cash Home Buying Company In Tennessee

“My wife and I recently sold an investment property to New Horizon and we could not ask for a better experience. Erik was incredible to work with and made each step of the process smooth and easy. Looking forward to working with them again!”

–Matthew Bonadies

Challenges of Selling a Home During Bankruptcy

1. Approval from the Bankruptcy Trustee

In Chapter 7 bankruptcy, the bankruptcy trustee may need to approve the sale of your home. This can be a lengthy process, and the trustee will review the terms of the sale to ensure it is in the best interest of your creditors.

2. Impact on Bankruptcy Repayment Plan

In Chapter 13 bankruptcy, selling your home may impact your repayment plan. The proceeds from the sale could be used to pay off creditors, which might affect the amount you need to repay under your plan. Discuss these implications with your attorney.

3. Market Conditions

The current real estate market can affect how quickly and for how much you can sell your home. If the market is slow, it may take longer to find a buyer and finalize the sale.

4. Legal and Administrative Costs

Selling a home involves various costs, including legal fees, real estate agent commissions, and administrative expenses. Ensure you account for these costs when determining how the sale will affect your overall financial situation.

Why Pay Thousands In Agent Fees?

We Buy Houses For Cash In Tennessee

Why not request a Cash Offer from New Horizon Home Buyers before you sign a 6 month listing agreement to sell your house with a realtor? We will get you an offer quickly so you can make an informed decision about selling your home. The entire process is 100% FREE and there is no pressure to accept our offer. You have nothing to lose! Compare selling to us vs. selling with a realtor.

How New Horizon Home Buyers Can Help

1. Quick and Hassle-Free Transactions

New Horizon Home Buyers specializes in buying homes in any condition, including those involved in bankruptcy. We offer a straightforward cash-buying process that eliminates the need for repairs, cleaning, or staging.

2. No Need for Court Approval

One of the significant advantages of selling to New Horizon Home Buyers is that we can often purchase your home without requiring additional court approvals. This streamlines the process and helps you avoid delays.

3. Fair Cash Offers

We provide competitive cash offers based on the market value of your home. Our goal is to make a fair offer that reflects the true worth of your property and aligns with your financial needs.

4. Experienced and Trustworthy

With years of experience in the real estate industry, New Horizon Home Buyers has a reputation for providing reliable and honest service. Our team is dedicated to helping you navigate the complexities of selling a home during bankruptcy.

5. Flexible Solutions

We understand that each homeowner’s situation is unique. Whether you need to sell quickly, are dealing with financial difficulties, or are managing an inherited property, we offer flexible solutions tailored to your needs.

We Can Buy Your House Fast In TN

Get your fair cash offer to sell your home quickly and without the hassle.

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Common Questions About Selling a Home During Bankruptcy

1. Can I sell my home if I’m in Chapter 7 bankruptcy?

Yes, you can sell your home during Chapter 7 bankruptcy, but you may need to get approval from the bankruptcy trustee and the court. The proceeds from the sale may be used to pay off creditors.

2. How does selling a home affect my Chapter 13 repayment plan?

Selling your home during Chapter 13 bankruptcy may impact your repayment plan. The proceeds from the sale could be used to pay off creditors, which may affect the amount you need to repay under your plan.

3. Do I need to make repairs before selling?

No, you don’t need to make repairs when selling to New Horizon Home Buyers. We buy homes in any condition, so you can sell your property as-is.

4. How long does the selling process take?

The selling process can vary depending on your specific situation. With New Horizon Home Buyers, we aim to complete the transaction quickly, often within a few weeks.

5. Are there any fees or commissions?

When selling to New Horizon Home Buyers, there are no hidden fees or commissions. The cash offer we provide is the amount you’ll receive at closing, with no additional costs.

Steps to Get Started

1. Contact Us Today

To get started, reach out to New Horizon Home Buyers. You can call us at 423-509-8393, email us at [Email Address], or fill out our online contact form.

2. Schedule a Property Evaluation

We’ll arrange a convenient time to evaluate your home and provide you with a no-obligation cash offer.

3. Review and Accept the Offer

Review the offer we provide and decide if it meets your needs. If you accept, we’ll proceed with the next steps.

4. Close the Sale

We’ll handle all the paperwork and legalities involved in the sale, aiming for a quick and hassle-free closing.

Conclusion

Selling your home during bankruptcy doesn’t have to be complicated. With New Horizon Home Buyers, you can navigate the process with confidence and ease. Our cash-buying service offers a fast, straightforward solution that can help you manage your financial situation and move forward with less stress.

Contact us today to learn more about how we can assist you in selling your home during bankruptcy. Our team is ready to provide a fair cash offer and guide you through every step of the process. Let New Horizon Home Buyers be your trusted partner in achieving a successful and stress-free home sale.

Buy My House In Tennessee

Tennessee

Home Buyers In Tennessee

New Horizon Home Buyers – We Buy Houses – Sell My House Fast
651 E 4th St. Suite 200, Chattanooga, TN 37403
423-509-8393

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