Sell My Home to Prevent Bankruptcy

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Can I sell my home to prevent bankruptcy? This is a common question many homeowners ask when hit with financial hardship.

Filing for bankruptcy in Tennessee is a serious issue that indicates a history of falling behind on your mortgage payments and potentially foreclosing on your home. If you’re struggling financially but don’t want to file for bankruptcy, Chattanooga Property Solutions can help you out. We’ll buy your house with cash to give you more financial support fast. 

Discover why countless Tennessee residents turn to us for a fast and reliable sale that saves them the headaches of bankruptcy. 

Understanding Bankruptcy in Tennessee

You may be facing bankruptcy if you’re behind on your mortgage payments or have debt collectors contacting you for payment. Filing for bankruptcy will give you temporary relief from creditors and allow you to repay some of your debts while taking credit education courses for a better understanding of your finances. 

In Tennesse, you may file one of two different types of bankruptcy:

  • Chapter 7: Does not require payments to collectors but may not be a solution for missed mortgage or car loan payments. 
  • Chapter 13: Allows you to avoid foreclosure by setting up a repayment plan that lasts three to five years. 

Although filing for bankruptcy provides temporary relief, it also requires dealing with a lawyer and can damage your credit score for up to ten years after you file. If you’re wondering, “Should I sell my home to prevent bankruptcy?” there are ways to avoid the hit to your credit score and bypass all legalities of entering bankruptcy. 

How Our Process Works

Homeowners like you trust our team to avoid bankruptcy because we provide an all-cash offer for your home that puts the final sale price in your hand in as little as ten days. We handle all of the logistics that come with closing on the sale, including collaborating with a bankruptcy attorney. All you need to worry about is choosing a closing date. 

Selling your home to Chattanooga Property Solutions usually involves the following steps:

  • Calling us or answering a few questions online to request an offer
  • Receiving an all-cash, no-obligation offer after we perform a market analysis of your home
  • Accepting the offer and choosing a closing date within 60 days
  • Attending the closing and receiving your cash

Other Ways to Avoid Bankruptcy

You might be asking, “Do I need to sell my home to prevent bankruptcy, or is there another way?” You can certainly avoid filing for bankruptcy by entering into a debt settlement with your creditors or through credit counseling. These options can help you consolidate your debt so you can pay the collectors faster and also save money on your interest payments.  

However, not every collector is willing to enter a settlement or allow a repayment plan that works for you. If you are at risk of foreclosure or repossession of your property, you’ll need a quick solution. Selling your home for cash and using it to pay back some of your debts can put your creditors at ease so you can move on from this financial burden. 

Sell Your Home for Cash Fast with Chattanooga Property Solutions

Should I sell my home to prevent bankruptcy? If you’re in a tough financial situation, we’re the team you can call for help. Contact us today to discuss your options and receive a fair, all-cash offer on your house. 

Call Chattanooga Property Solutions at (423) 454-3070 to sell your home quickly and avoid the hassles of bankruptcy. 

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