What do you need to know before you say ‘sell my house fast in Birmingham’?

What do you need to know before you say ‘sell my house fast in Birmingham’?

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Alabama has different bankruptcy rules than what the Federal Government requires. Will you lose your house if you file for bankruptcy? Is it better to ask a real estate agent to ‘sell my house fast Birmingham,’ before proceeding ahead with a bankruptcy claim? It may help to know the state rules regarding bankruptcy so that you can make informed decisions about your house instead of having to make a split decision to sell my house fast Birmingham.


  • Chapter 13 Bankruptcy – Filing for Chapter 13 Bankruptcy does not mean you will necessarily lose your house. If the equity in your house is exempt, you will not have to tell a real estate agent to ‘sell my house fast in Birmingham’. What happens if you file for Chapter 7 bankruptcy? You may protect your property in a Chapter 7 bankruptcy through what is known as the Homestead Exemption or a Wildcard Exemption.
  • Exemptions – The Homestead Exemption, if used on a Chapter 7 Bankruptcy, allows homeowners up to $5,000 of protection for the real estate properties and mobile homes. For married couples, the amount is $10,000 and this helps families avoid foreclosure. Alabama does have what is known as a Wildcard Exemption. This type of exemption offers residents $3,000 of protection, which they can use to cover properties or life insurance policies. If couples have more equity in their house, they may not be able to use a Homestead Exemption to save their house from selling out from under them.

 Homeowners who want to say, ‘sell my house fast Birmingham’ may keep some Items

Some items you own may also be exempt and not included in what you have on hand to pay off a bankruptcy debt. Did you know burial plots, family portraits, clothing, church pews, and books are exempt from the amount you own in debt? Disability up to $250 per month is also not considered. Do you have tools of the trade? You do not have to worry about selling those off to pay your debt.


  • Equity – The amount of equity in your home may be a deciding factor on if you must sell your house fast Birmingham. Homeowners who have $25,000, or less in equity in their house, may not lose their home if they file for Chapter 7 Bankruptcy. If you have more than $25,000 in equity, you may lose your house if you file for bankruptcy.
  • Opt-out – Alabama is a state, which creates its own bankruptcy exemptions and those exemption amounts are lower than the amounts the Federal Government allows in bankruptcy proceedings. It is best to consult an attorney who specializes in bankruptcy, so you have the best advantage.



Should you file for Chapter 13 or Chapter 7 Bankruptcy? It I important Alabamans understand Chapter 13 does not release them from any debts owed. Anyone who files for Chapter 13 Bankruptcy is still liable for the debt. You must form a repayment plan and repay debts within three to five years. If debtors file for Chapter 7 Bankruptcy, they may not have to repay certain debts and can still keep property, such as their car or a house. They may have to make monthly payments to a creditor, even if you say sell my house fast Birmingham.


Should you consider filing for bankruptcy? This is a complicated issue that only an Alabama attorney can assist. No one wants to say ‘Sell my house fast Birmingham,’ if they really do not need to unload their property. Be prepared to pay for an attorney’s services, as filing fees range from $36 to file paperwork, to more than $200 an hour for services. It may be worthwhile if you save your Alabama house from being sold. If you are willing to say ‘sell my house fast Birmingham,’ is the best option, we can help you do just this. Contact http://www.dsprealestate.com/sell-your-home/ when you are ready to sell your house. We can buy your house quickly and we offer cash!


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