All proceeds from the sale of your home become part of the bankruptcy estate. These proceeds must be paid directly to the bankruptcy trustee. The trustee will then disburse the proceeds to the creditors. If the sale of your home allows you to pay off your repayment plan, you could have the bankruptcy discharged shortly after the karacto.xyz://karacto.xyz /what-if-i-want-to-sell-my-home-during-chapterbankruptcy. 67 Homes For Sale in Bellefontaine, OH. Browse photos, see new properties, get open house info, and research neighborhoods on karacto.xyz://karacto.xyz Carolyn Crombie is a Real Estate, Bankruptcy & Debt, Foreclosure, Litigation attorney who has been licensed for 38 years. This attorney attended Northern Kentucky University, Salmon P. Chase College of Law and has an office in Cincinnati, karacto.xyz://karacto.xyz
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This is due to the fact that when you are going through Chapter 13 bankruptcy, all of your assets belong to the Chapter 13 estate being managed by the trustee assigned to your case. While you keep your assets during the bankruptcy, you have no control over them. The bankruptcy court must approve the terms of the sale before a debtor closes on the property.
This means that you will need to make sure the contract for the sale of your home includes a provision that states that the sale is subject to the approval of the bankruptcy judge. Your creditors have the right to object to the sale of your house.
They also have the right to object to your repayment plan. You and your bankruptcy attorney must disclose the details of the proposed sale to both the creditors and the bankruptcy court before you can proceed. Those details will take the form of a Motion to Sell and a Statement of Sale. You must file these with the trustee and court. Once the Motion to Sell is filed, the court will schedule a hearing to give creditors time to object.
If it's a restaurant kinda scary, I don't know what it is it a fitness Center mister Trump He wants to open up the fitness centers around America, but they're gonna open up. Slow they're gonna release later like Texas is talking about opening up. I got all excited this morning like oh my God. They're gonna open Texas up, but man the the schools aren't gonna open up grocery stores are gonna lightly open up people still gotta do the six -foot things so I don't know I gotta know I'd have to know more about the franchise.
Let's talk to our next car. Thank you for calling in by the way again. I don't even need to know their name. How are you uncle? What's going on my little nephew? What's your name? Matthew Matthew. What's up right from the Bible? Montreal Canada you've ever been?
Alright, uncle G, Let me ask you would you ever consider doing a wrap? No, you know what I consider doing a read is the question you know, Yeah, I probably would consider doing a rate in the future because it would allow people to stay liquid. The thing I don't like about the reach is what's going on right now with the stock market, The stock market goes up to renegotiate up stop market goes down the Rico's down stop market goes up.
It doesn't affect my real estate. Estate investment Trust. That's what read stands for so because I'm not attached to a piece of paper and we're real estate the the the real property we don't go up and down in value the way a reach does and trade up for liquidity. Also reach don't provide investors with depreciation reorient would be good for me.
It would be good for me as a creator of a read because I would I would probably do extremely well. In our investors, if we converted our real estate portfolio to would benefit and allow others to benefit by be invested in real estate, but being able to maintain their liquidity next color, how many you got on there guys?
Oh wow. We're full up huh. It's going to happen right now. We're in April. Bring em in what when you get them guys, we're in April of , - one at If you're looking for deals like this, you need to understand when these deals are gonna pop up in the marketplace and everything that was just extended and push.
Out because I have forbearance for single-family homes, small properties, even maybe some of the big ones that's gonna extend this cycle out three to six months before there's blood what they call blood in the water.
Spring them in as I'm talking guys, go ahead. Yes, sir. Hey how you doing good sir. My name is Red. I'm located up in death in Florida.
Ryan Seco told me this morning. Oh, I know because I'm I know that you have some property up here and you actually know one of the clients one of my insurance people that are over the century but anyway What I was wondering is I own the only aviation detailing business up here and without my question is that in Destin, the lights slow down and what I'm wondering is I took hard on you is allow me to grow to the point that I'm at and I understand that you say lean into things and lean into it.
What I'm wondering at this point should I focus on the clients that are already have and just focus on surviving or should I take the other side and Sending out to people and beating yeah, percent you should focus focus on their clients. You have right now heavy communication with your power base the solution right now three weeks ago four weeks ago when this thing happened like once we got restructured around here and got our attention off just businesses normal to businesses abnormal first thing we did.
I say, go back and work our power base do not try to work new customers right now. Let me go get attention for new clients and you know let me stir it up on the outside but our company hundred and. Hundred and six employees right here we have our attention on taking care of existing customers are existing tenants.
I didn't go out and pursue new deals right now in this environment in my real estate portfolio, I'm like let me consolidate take take care of our tenants. Go to get new attention for new customers going forward, so I would tell you right now. Next color. So every Monday I do this. We'll be talking about when to buy deal how to buy a deal that kind of leverage you should be looking at how much money you need to put down what kind of interest rate you should be looking for operations expenses capri's every week I do.
On Monday, If you love this show you got a question post in comments below Love me or hate me. Come on man come on comment just comment throw something down there in the squiggly.
I know you're gonna hate on me if you got if you don't have a face on your avatar, I love the haters. I like you guys. I appreciate you, you're one of my assets. One of my biggest assets is you being an asset to me? Alright you gotta do from the back. Yes, Sir Nebraska. Yeah for people starting out you know if you have excess cash or a little bit more would you recommend putting more than the recommended down percent?
I would recommend putting more down than less down so a lot of your deals that you go into. I mean you have a bigger portfolio lot more cash to to work with on that is yeah.
Trying to do as much as you can do, let's talk about leverage right now. This is a great topic. Okay cuz the only way you can go upside down folks. I mean if the whole world just goes upside down, then everybody goes upside down you know, but but if you have something paid for if I have something that's worth I'm gonna give you a couple deals.
I did a deal for A hundred million. I did a deal for A hundred and 40 million did a deal for 90 - Two million Okay on the hundred million dollar deal I put 40 million dollars down on the hundred and 40 million dollar deal. I put 40 of 50 million dollars. Okay now the the hundred million dollar property I bought in Austin, Texas, 80 - eight acres, Atlanta put 40 million dollars down I finance 60 million dollars at a very low interest rate for 10 years. People are like Grant Cardone is over leverage, but if I say, then you need to understand math, you cannot tell get on YouTube and say somebody's over leveraged without knowing what the leverage is so when somebody says Leverage say how do you know that do you know what the property is worth?
That's what you have to know what what's the property worth? What's it worth today? Does he need to sell? How much is the debt? How long is the debt for Oh by the way? I'm not this is my down payment right here who walks away from 40 million 50 million and 30 million dollars. It's it's so ridiculous. I'll buy anything who walks away from what is that 90 a hundred and 20 million dollars in three weeks.
That's on three deals. I own 20 - six of em. We don't have anything over 70 - five percent mortgaged debt. Most of our stuff is 60 - five percent and probably a third of it is under that number, so you wanna be extremely conservative in even if the Bank says we'll give 80 million the Bank would have given me more money on this deal so again, let me explain this hundred million dollar deal 60 million dollars worth of debt today.
If I was going out buying that deal today, I would probably only finance fat 50 million and. It wouldn't be just because a choice it would be because of the marketplace and that's what's gonna kill you bottom features right now you're going to need lower debt coverage or in this case, you could call it a loan to value. Whatever the value is okay, the L T V L T V, is loan to value whatever today's value is your if I could get a loan for 70 million, but by the way we were offered at 80 million dollar loan on this deal to answer this gentleman's question I was offered 80 million on that million dollar deal 80 - eight 80 - eight acres in Austin, Texas, - six units.
You can see it on the website. Cardone Capital dot com. More conservative we bought a deal for we bought a deal for million dollars and we put 50 - one million dollars down finance. Whatever that difference is okay. That's our cash down and what is that. So again, I'd have to go through 50 - one million dollars worth of equity to be like.
Oh shit. I'm back to work my debt, but I could still service my debt and you still wouldn't know I still would not go to a bankruptcy court right now. Hey, this is where we're at there's trouble in the neighborhood. This guy got foreclosed on this is what's gonna happen. My neighbor gets foreclosed on and this guy gets foreclosed on okay and These two are for clothes don't so what happens they're not taking care of their property, so they lower their rents when they lower their rents.
I'm not in trouble. They're in trouble, but I got a lower they they're out of cash. They can't fix carpets. They can't paint. They can't fix asphalt. They can't manage the property. They're in trouble who would be the buyer for these properties. I'm in the Middle of the Bank knows me. I'm operating my property. They know I'm big enough to operate a big property like this so for the bottom. Feeders out there understand when the world comes to an end and that's not today the bottom feeders that are looking for bankruptcies and foreclosures.
I had people call me last week. I'll buy you a jet. CEO is a big companies. Hey, is it really for sale you just pulling my leg? People calling up. Hey, are you really gonna sell a real estate? I had a real estate brokers from around the country. These are called bottom feeders easy looking for. An easy business don't be stupid man the marketplace Cannot switch that quick because why first thing I would do is call my lenders.
So that's gonna be what the lenders are gonna give you three months six months, maybe nine months. This is what they're gonna do to the people that are in trouble in your neighborhood you're in Oklahoma and you're trying to buy the neighbor's House. You know he's in trouble. He's got 36, maybe nine months and forbearance that puts you to the end of the year before you can even buy this deal, then if he files bankruptcy, which he could, he could go chapter seven or 13, then he's gonna get another three to six months.
You're not buying shit. Sorry, baby. I called it that because that's probably. This is you're not gonna buy that until maybe March of next year. Fannie and Freddie right now, this is what they're doing on a deal and then we'll take our last caller This with Fannie and Freddie are doing on a deal.
We'll give you a loan 50 percent loan to value. I need 12 months of reserves to manage the future risk. Do you understand he's like on a hundred million dollar deal you need 50 million in cash and I need 12 to 20 - four months of interest payments on the property in escrow to manage the future.
Okay, you got another color. I hope you guys enjoy. The show today, I'm just sharing with you. What I'm learning. What we buy how we look at it. Cardone Capital dot com is the website Cardone Capital dot com.
We have 70 - units under management right now. Go ahead. How are you doing buddy? I'm Susie. What's going on good buddy? How you doing good. I'm on fun. Five investor just have a question for you about off market real estate deals that you've ever gone into them. Okay Me about off Mark you got you got something for me off market.
I have a potential off-market deal. I'm curious if you've ever like gone into them yourself. How big is it like pros and cons? How big small deal single family. My buddy owns the House. I'm living in.
What do you? You're not just trying to hack it. You don't want a House hack right now you guys you guys. I've been telling you guys for a year man you're gonna get the the the flippers are gonna be the first people to get punished right here.
I would tell you buddy to sell your House to you. That's what I would tell you buddy if your buddy calls in right now, sell your House to Nick cuz Nick's gonna go for it but go. You don't even know if you can get a loan on a deal right now, you don't wanna be House hacking right now.
Warren Buffett says. Don't lose money number two. Don't lose money quit playing with money quit taking chances with your money. Take chances with your business. Take take chances with your brand take chances knocking on doors take chances calling on people, but don't go buy a House cross your fingers and hope that you can sell it unless he's gonna let you. Own it for nothing run it for nothing and you have no future obligation to it and the only thing you're gonna do is broker the difference between what it's worth to him and what is worth to somebody else and maybe you pick up 20 Grand with zero risk, but I don't even know why you would do that right now because there's bad news coming when 20 - four -hour fitness is we're looking at bankruptcy.
Nemo Marcus is gonna file for it or has filed for Disney laid off a hundred thousand people. So what did he do? He went bought the company. He gets one point nine million dollars worth of dividend checks every single day. That's what his cash flow looks like he invested in a company in a company, not a stock, he invested in cash flow, something he knew something he believed in.
That's not buying a stock. Alright, My name is.