Question
Do I have to wait to file bankruptcy after a short sale?
My wife and I are going through a Chapter 7 bankruptcy. If we must short sale our house, how long do we have to wait to file for bankruptcy?LawQA.com Answer Library
Lorene Lynn Mies, APLC | TheBankruptcyMinute.com
38975 Sky Canyon Drive Ste# 204 - Murrieta, CA 92563 | 866-703-5874
38975 Sky Canyon Drive Ste# 204 - Murrieta, CA 92563 | 866-703-5874
After you file for bankruptcy the trustee and court must agree to the short sale. In essence the trustee steps into your shoes and authorizes transfers of property. I generally do not recommend the short sale process to my clients. A short sale and a foreclosure have the same effect on your credit. Give me a call and I will provide you with more details.
Answer Applies to: California
Replied: 9/3/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 9/3/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Diefer Law Group, P.C.
Yes, you will have to wait.
Answer Applies to: California
Replied: 9/3/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 9/3/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: The Law Office of Mark J. Markus
Any obligations you have from a deficiency after a foreclosure sale would be discharged (presumably) in a bankruptcy case, so it probably does not matter. The only way it might matter is from a tax perspective, and you would need to consult with a tax attorney who has specialized knowledge of bankruptcy to fully evaluate your specific situation.
Answer Applies to: California
Replied: 9/3/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 9/3/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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