If I have been approved for short sale program, can I still file Chapter 7 while the property is listed?
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If I have been approved for short sale program, can I still file Chapter 7 while the property is listed?
Asked on March 24, 2012 under Bankruptcy Law, Georgia
Answers:
Daniel Bowen / Daniel D. Bowen, Attorney at Law
Answered 12 years ago | Contributor
The short answer is yes. However, filing bankruptcy entails certain complications. Technically, filing a Chapter 7 transfers title to the real estate to the Chapter 7 Trustee. Thus the Trustee will have to abandon the property before it can be sold. What do you receive from the short sale? Usually nothing. If you need to file Chapte 7 you are probably better off going ahead and doing so. Once you receive a discharge, you will be able to get on with your life. My office handles bankruptcies.
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