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  1. #1
    Join Date
    Oct 2014

    Default How Soon After Ch. 7 Bankruptcy Can I Rent Out or Sell the House I Live in

    My question involves bankruptcy in the state of: South Carolina

    I am considering trying to sell my house or rent it out. But it currently has three liens on it from lawsuits over unpaid credit card debt. As I understand it, my creditors can't do anything about them as long as I live here and don't try to refinance.

    If I file chapter 7 bankruptcy, how soon can I sell the house or turn it into a rental property without my creditors or the court coming after me?

  2. #2
    Join Date
    Sep 2010

    Default Re: How Soon After Ch. 7 Bankruptcy Can I Rent Out or Sell the House I Live in

    Once you file a chapter 7 bankruptcy, you need to run everything by the trustee.

    A chapter 7 bankruptcy doesn't erase liens or other security instruments (provided there is sufficient equity in the property). Since no sane person would buy property subject to the liens, you'll have to make sure they get settled during closing. You can turn a property into a rental when you like, but understand that you may need the consent of the person who gave you the mortgage (though such is routinely approved).

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