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Bankruptcy, Chapter 13: selling a house.
Q. I try to buy a house from a seller who filed chapter 13 bankruptcy last year here in NY. (Unfortunately I discovered this fact just recently). His plan is set up for 60 months and he made payments for less than one year. Everything is prepared to close except the title company which requires a letter by the seller's trustee with his written permission to sell the house. The trustee only agrees to do this if the seller will pay off 100% of his original debts. The seller only wants to pay off the amount which is agreed in the plan so he can walk away with some profit instead of nothing. Who is right here - the seller or the trustee? What is the best to do, from the buyer's perspective?
A. -The seller wants to pay the trustee the minimum he can. The trustee wants to get the most he can. They have sumbitted the dispute to the Court, which will decide. -This response is for discussion purposes only. It isn't meant to be legal advi
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