Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 8 years ago on . Most recent reply

User Stats

3
Posts
0
Votes
Trent Tompkins
  • Investor
  • Hubbard, OH
0
Votes |
3
Posts

Is this illegal? (Chapter 7 question)

Trent Tompkins
  • Investor
  • Hubbard, OH
Posted

Lets say I have a property that I would still like to own after filing Chapter 7. Is there any reason I can't:

Sell the property to another real estate investor

Use the money for things like property taxes on my exempt residence, income taxes, student loans, whatever

Purchase the property back on land contract

The only real sticking point I can see is that the value I 'sold' the property for would probably be below market value (to protect the buyer) and the sale would need to be contingent on me being able to buy it back (to protect myself). Me cashing out the equity should make it worthless to liquidate anyway, but unless someone will let me borrow 100% ltv, there will probably be some equity left. 

Any ideas how I can pull this off, or pitfalls to watch out for?

Do you think I'll be able to find an investor? If I did 25k over 3 years @ 20%, they'd make $8,300 - and I'd keep from having to fire-sale my dream property. 

Most Popular Reply

User Stats

6,878
Posts
7,442
Votes
Matthew Paul#2 Contractors Contributor
  • Severna Park, MD
7,442
Votes |
6,878
Posts
Matthew Paul#2 Contractors Contributor
  • Severna Park, MD
Replied

I think there is a possibility that could get you free room and board for a few years 

Loading replies...