Navigating Through Bankruptcy while Selling Your Salem Home

by Nov 30, 2021

Selling Your Salem, Oregon Home During Bankruptcy

When debts begin to pile up, it can be overwhelming and unmanageable for some people. One good option to handle all these debts and effectively wipe your slate clean is to file for bankruptcy. There are some advantages and disadvantages to filing for bankruptcy, but doing this ultimately forgives all your debts and allows you to start over. 

When dealing with bankruptcy in Salem, Oregon, it’s best to consult a bankruptcy lawyer on the options and outcomes available to you. But if you’re interested in learning all the possible options in selling your home, here are the outcomes that could happen to your property depending on which type of bankruptcy you file for. 

Filing for Chapter 7 Bankruptcy

Under a Chapter 7 bankruptcy, you could lose possession of your home if it does not fall under Oregon’s bankruptcy law on homestead exemptions or any other exemptions available to you. Your real estate property, along with all your other non-exempt assets, will be liquidated and used to pay your creditors as the court sees fit. Any remaining debt that isn’t paid off will be forgiven, and you’ll be given a clean slate. 

This is the best option for those who do not have steady income and cannot qualify for a Chapter 13 bankruptcy because they cannot pay off their debts without selling their property. Unless your property falls under any exemptions, you cannot keep your home and sell it during or after your bankruptcy process. 

Keeping Your Home for Chapter 13 Bankruptcy

Filing for a Chapter 13 bankruptcy allows you to keep your assets and reorganize your debts into one manageable repayment plan. You get to your assets, but you will have to pay your remaining debt within the next three to five years. 

This is the best option for those with stable income and can afford to pay their debts after reorganization. This also allows you to keep your home. 

Chapter 13 Bankruptcy: Can You Sell Your Home?

Although the Chapter 13 bankruptcy allows you to keep your home, it may be in your best interests to sell your house in Salem, Oregon. Selling your property can provide you with the means to pay off your debt repayments. By completing all your payments, you can clear the slate and focus on rebuilding your financial stability. 

When selling your home in Salem, Oregon, you can choose to go the traditional way of selling on the real estate market. However, this can take a lot of time and incur the additional costs of selling your home. This can be an inconvenience that can result in less proceeds after costs like commission fees and closing costs eat up a chunk of your earnings. 

Sell to a Professional Home Buyer!

If you’re looking for a fast way to sell your home and maximize your earnings from the sale, Quality Homes Reimagined, LLC is an option to get the best of both worlds. We are a cash homebuyer in Salem, Oregon that reduces the time it takes to sell a home while doing away with the costs of selling a home. 

Our turnaround time is much faster compared to the traditional route of selling your home on the real estate market. After scheduling a property viewing with our team, you can expect a fair, no-obligation cash offer with 48 hours or less. If you decide to accept, we can get started on closing and can finalize the deal in as little as 14 days. Compared to the average time it takes to sell a home in Oregon’s real estate market – 43 days to get an offer and 35 days to close – we are the faster option that involves less fuss.

In terms of costs, we can reduce the costs homeowners incur when selling property. We buy homes as-is, so repairs aren’t needed to get a fair offer from us. We do not charge commission fees, and we shoulder the closing costs. This gives you more cash available to focus on repaying your debt. 

Need More Information? 

Depending on the type of bankruptcy you file for, it may be possible to sell your property as a way to get a head start on repaying your debt. Consult with your lawyer if this option is possible for you. If it is, give Quality Homes Reimagined, LLC a call and we can schedule a property viewing to give you a fair price on your home. 

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