All Forum Posts by: Trent Tompkins

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. 

 I am trying to do this same thing for a completely different reason. You are not worried about the buyer refusing to sell it back to you? It might be hard to argue in court that the $1 amount constituted any real consideration; which would make the transfer essentially a gift.