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  1. #7
    Join Date
    Sep 2005
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    Behind a Desk
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    Default Re: Repurchasing a Home from a Family Member After Bankruptcy

    A risk in selling your home for below market value to a family member is that the family member may later decide that they don't want to sell the home back to you, or prefer to sell for full market value. In many cases the initial reaction to that sort of possibility is, "Oh, that won't happen in my situation," but I've seen the darndest things happen between formerly trusted friends and family members.

    Discuss your plan with your bankruptcy lawyer. If this is a Chapter 7 bankruptcy, it makes sense to wait for your discharge. If this is a Chapter 13 bankruptcy, you need to speak to your lawyer about the effect on your repayment plan and whether it will be necessary to amend your payment plan.

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