No matter how diligent you are in paying your bills, sometimes life just gets in the way. One problem after the other can lead to late payments, then you go into default, then the inevitable happens–you’re forced to file for bankruptcy. Although no one likes being in a state of bankruptcy, it really isn’t that bad. In the heart of it, bankruptcy can even help you pay off your debts and start from scratch. If you’ve exhausted all options available to you and finally decided to file bankruptcy, it’s important to know what you’re getting into.
If you’re a homeowner planning to, or have already declared bankruptcy, keep reading, because this article will tell you everything you need to know about bankruptcy laws in Kentucky and how it can affect your Lexington, Kentucky property. And if you want to find out if being in a state of bankruptcy will affect how you sell your property, keep on reading. This article will also touch on what you need to remember when selling your house fast while in bankruptcy in Lexington, Kentucky.
How Does Bankruptcy Affect Your Lexington Property?
How bankruptcy will affect your Lexington property depends on the type of bankruptcy you will file. In general, there are two kinds of bankruptcies: Chapter 7 or Chapter 13 bankruptcy. If you file under Chapter 13, you’re most likely going to keep your property. Which means that you can definitely sell it. But if you file under Chapter 7, then you may have to give up some of your properties. However, keep in mind that this is just a general differentiation between the two kinds of bankruptcies. To read a more in-depth discussion of the difference between Chapter 7 and Chapter 13, click here.
How to Sell Your House Fast While in Bankruptcy in Lexington, KY
While it’s easier to sell your home if it’s filed under a Chapter 13 bankruptcy than a Chapter 7, it’s still possible. Here are some ways you can sell your house while it’s in bankruptcy:
- Sell your home as a short sale/in as-is condition
- Sell your home with the help of a real estate agent
- Sell your property through FSBO or for-sale-by-owner
- Sell to a professional home buyer
Out of all your options, selling to a professional home buyer for cash is the most convenient. Professional home buyers can guarantee a quick close and you don’t have to worry about the condition of your home before the sale. If you need money fast to pay off all your debts, selling your property to a professional home buyer is the best option for you.
Sell Your Property to a Professional Home Buyer
One of the fastests ways to dispose of a property you don’t want is by selling it to a professional home buyer. When you sell to a direct buyer, you don’t have to worry about making your home presentable enough for showings. You don’t have to shell out money for open houses and pay for other showing-related expenses. Cash homebuyers buy your home as-is. You don’t have to do any repairs to improve the condition of your home before you sell it. Selling directly to a homebuyer usually means a faster selling process. This is because you’re eliminating the variables of waiting for offers to come in and negotiating the price with your potential buyers.
Convinced that selling your property is the next best thing to do? You’re in luck! Because here at Rylo Homes, we buy houses for cash in Lexington, KY, regardless of its condition. You don’t have to worry about how your home will fare against other properties in the neighborhood because we buy all kinds of houses for a competitive price!
READY TO SELL? BOOK A CALL WITH US TODAY
If you live in Lexington, Kentucky and are interested in selling your home, we can help here at Rylo Homes. Rylo Homes is a cash homebuyer in Lexington, Kentucky. We are a real estate solutions company that specializes in solving your real estate problems for you. We buy houses in Lexington, KY, and will act as your personal guide during your home selling process.
Our goal at Rylo Homes is to improve the overall quality of housing for the residents at Lexington, KY. We buy houses in just about any condition and situation, including foreclosure, late mortgage payments, or fair market value. When you choose to sell to us, you don’t have to wait weeks and months just to get good offers. We’re direct buyers and we pay in cash to arrange a quick close. For more information about our home buying process, give us a call at (502) 317-8553 today.
