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Last I checked you can't make any large purchases once you file bankruptcy. Usually when you file Chapter 7 bankruptcy they take things that you own to pay for your debts because you can't afford to pay for them yourself. If you don't own anything then I believe that basically your dets are written off. Granted there are all kinds of promotions out there for bankrupters but I believe that I would hold off making a large purchase. * A lender will generally require at least 12 months of responsible credit use after a BK discharge. The consumer should be aware of predatory lenders who offer immediate loans to persons who have been involved in any BK. These lenders charge excessive interrests and fees, and will include a clause in the contract of agreement by the borrower to waive due process if the loan should be defaulted.

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โˆ™ 2006-03-22 18:41:50
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Q: Can you get a mortgage right after filing Chapter 7 bankruptcy?
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Is filing bankruptcy on your home considered a foreclosure?

No. Foreclosure is a specific action that would be filed in a county court. Filing a Chapter 7 bankruptcy would give the mortgage lender the right to file the foreclosure after the bankruptcy case is closed, unless you reaffirm the mortgage debt with the lender.


How would one file for bankruptcy?

There are a number of steps to be taken when one is filing for bankruptcy. First one should decide if this is the right thing to do. It is wise to consult with a lawyer and decide whether to file for chapter 7 or chapter 13 bankruptcy. One should then undergo credit counseling and then complete the filing process.


Unmarried couple have a mortgage together no equity and its in foreclosure. Can he file a chapter 13 alone and repay both shares of arrearages or do I have to file too tho we have no other joint debt?

I am pretty sure that him filing chapter 13 would only cover his debts. If you contact a bankruptcy lawyer they can lead you in the right direction, but I think you would still have responsibility being that you are also on the mortgage.


Can you get a reverse mortgage if you have filed bankruptcy?

Yes, a reverse mortgage does not have credit requirements. you can use one to pay your way out of a bankruptcy, or one right after a bankruptcy. However, the bankruptcy court does have to approve the reverse mortgage if you are in the process of doing one or still paying on one.


What is the difference in bankruptcy?

Chapter 13 Bankruptcy is ideal for people who have a credit problem but want to do the right thing and pay back their debts. It allows you to reorganize your debts repayments into a more manageable timeline. It is perfect for those who are having a problem with their mortgage or car payments and need to stop a foreclosure or reposition, have many secured obligations In a Chapter 7, most debts are discharged, however certain assets may not be protected and may be liquidated to pay creditors. Filing under Chapter 7 is a very valuable right and can be used every 8 years if necessary.


Can you get a job right after filing chapter 7?

Yes. And you should.


Can your mortgage company refuse payments after filing Chapter 7 Mortgage was not included in Chapter 7 filing.?

You know, everything ---that is ALL assets and ALL liabilities are included in your bankruptcy...(yes, they may be given different positions, but they all MUST be included)...you don't pick and chose. How did YOU decide to not include your mortgage? To the first responder: Um... Yes, you can eliminate anything you want from your filing. I'm going through it right now, and I am "re-affirming" my mortgage. Technically, I suppose it is still "listed" on the forms, but as soon as you re-affirm, you owe the debt again. To the original questioner: If you have filed the proper papers, your lender should not be able to refuse your payments (assuming they accepted the re-affirm), but you should talk to your bankruptcy attorney for more details. It would, I suppose, be possible for them not to accept the re-affirm, but then you would be out of the mortgage, and they would be stuck with the house, something I wouldn't imagine them wanting since they're in business to make money, not to own houses.


How do you know what type of bankruptcy you should file?

The best way to find out would be to sit down with a bankruptcy lawyer who would be able to advise you of the different types and whether bankruptcy is the right option for you. Generally speaking, Chapter 7 bankruptcy (straight bankruptcy) is liquidated bankruptcy whereas Chapter 13 bankruptcy (repayment plan bankruptcy) is reorganization bankruptcy


Where can you get free chapter 7 bankruptcy information in the state of Minnesota?

Use this FREE ""Do it Yourself"" Bankruptcy Site to see filing bankruptcy is the right solution for solving your personal debt problems.Filing bankruptcy is perhaps the most difficult decision you'll ever make! I'm sure you have many questions about filing bankruptcy. Questions like, ""Am I qualified to file bankruptcy"" , ""How hard is it to file on my own bankruptcy"", ""How much does it cost"" and the most important question of all; ""Can I file my own bankruptcy without an attorney?"" Get answers to these questions and over 40 more with our in-depth FAQs. Select the bankruptcy chapters' links on the left.


Can a landlord evict a tenanter after filing a chapter 7?

Normally the bankruptcy filing has nothing to do with whether or not the tenant has paid his rent. A landlord does not have the right to evict a tenant simply because the tenant filed chapter 7 unless that is part of the lease. The terms of the lease determine if the tenant will be evicted. If the tenant pays the rent, he should not be evicted.


How is the tenant affected when a landlord files Chapter 7 Bankruptcy?

It depends on the way the house is included in the bankruptcy. If the mortgage is up to date and the landlord is reaffirming the mortgage, there should be no effect. If the landlord is abandoning the property to the mortgagee, you will either get a notice to start paying rent to the mortgagee or a notice to quit or both. Talk to a bankruptcy lawyer right away, as there are some things you may be able to do to delay things or get help moving.


How can the homestead exemption help against foreclosure in a possible Chapter 13 dismissal?

It doesn't. The homestead exemption protects property from being seized in a bankruptcy procedure or by creditor judgment. The lender does not relinquish the right to foreclose on property regardless of the status of the bankruptcy filing. Bankruptcy only temporarily halts the foreclosure of secured property.


What is filing bankruptcy?

Bankruptcy is a legal tool individuals and companies use when they are no longer able to repay debits. In the United States their are two sorts of personal bankruptcy. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors.


Can a mortgage be discharged in chapter 13?

A secured debt, that is something like a mortgage which has a claim on property, always has the right to claim the property as payment for that debt. Bankruptcy doesn't change that. You will not go bankrupt and have a result where you own MORE than you started with, while others are not getting paid.


How long do you have to wait after filing Chapter 7 bankruptcy in California to start a new business?

You can start a new business right away, although you might find it difficult to get financing until your case has been discharged or dismissed.


When is the right time to invest in a company that is under chapter 11 Bankruptcy?

no time is right time to invest in such company


If you have a credit card and use it just before filing bankruptcy can a creditor deny your bankruptcy?

If you are on the brink of bankruptcy... you probably can't get a credit card. Opps... didn't read that right. Sorry. I really don't know.


Can you keep your house after a bankruptcy?

Not unless your bankruptcy did the right things to allow you to keep it. If you are not in arrears in your mortgage payments before filing, you have to continue making the payments - preferably before the due date. If you are in arrears, you must file a chapter 13, with a plan to pay the arrears and whatever part of the unsecured debt you have to pay. Once the plan is completed, you can keep your house. If you get behind in your post-petition payments due, the bank will apply for relief from the automatic stay and you will lose your house.


Could you change your chapter 7 to chapter 13 after being discharged?

Sometimes Chapter 13 debtors need or want to convert their bankruptcy case from a Chapter 13 to a Chapter 7 bankruptcy. And sometimes the bankruptcy court will force you to convert from Chapter 13 to Chapter 7 - this is often called a "forced conversion." The reasons for conversions vary. For the most part, if you are instigating the conversion, you have a right to convert your case. But that doesn't always mean you'll qualify for Chapter 7 relief.


Can a credit card company sue you if you file bankruptcy?

For filing bankruptcy? No. Filing for bankruptcy is not illegal and your right to do so cannot be waived by contract.For fraud? Yes, but the fraud would have to be proven.For the money you owe? Possibly, but pointless, since they are already a creditor and a successful lawsuit will only make them a creditor, which they were to begin with. It wouldn't even raise their standings in the priority of repayment from the bankruptcy discharge.


Can you file a chapter 7 immediately after your chapter 13 was dismissed for nonpayment?

So long as you are eligible for a Chapter 7 discharge and the bankruptcy court did not specifically order you not to refile a new bankruptcy, you should be able to file a new Chapter 7 right away. Because of the recent changes in the law, plese consult with a bankruptcy attorney before making any decisions.


Receiving an inheritance after filing Bankruptcy?

An inheritance to which you have a right within 180 days after your petition date is the property of the estate to which the trustee has the right. Thereafter, you get to keep it (in a chapter 7). In England, you might using a Deed of Variation, get to keep your inheritance. I presume the object of the question is information on shielding inheritance from creditors.


Is macy's going out of business?

although Macy's is not filing for bankruptcy right now they are still struggling- Hope they make it out OK ,I love them


How long do you have to wait to purchase a home after chapter 7 bankruptcy?

THERE ARE MANY LOAN COMPANIES, BANKS, MORTGAGE COMPANIES THAT WILL HELP YOU BUY A HOME, REGARDLESS OF YOUR CREDIT RATING. YOU WON'T GET THE BEST RATE BUT IF YOU HAVE A JOB WITH A STEADY PAYCHECK YOU CAN GET APPROVED FOR A MORTGAGE! GO ON LINE AND FIND A MORTGAGE CO. THAT ADVERTIZES "BANKRUPTCY ? NO PROBLEM!" BE PREPARED TO HAVE A GOOD DOWN-PAYMENT AND PROOF OF EMPLOYMENT, OR SOME SOURCE OF IN-COME. DON'T GO WITH THE FIRST CO. THAT SAY'S "OK", SHOP AROUND, IT'S A BUYER'S MARKET RIGHT NOW.


Can you file bankruptcy on a second mortgage and multiple credit cards and keep the home?

Normally, a debtor can file bankruptcy on credit cards and keep their home, but cannot file bankruptcy on any mortgages and keep the home since even a second mortgage holder has the right to foreclose if they are not paid (this is of course assuming there aren't other issues in the case, such as too much equity to keep the home, credit cards recently incurred that are declared non-dischargeable, being behind on mortgage payments, etc.). However, the laws of the particular district in which a debtor resides may provide some exceptions to this general rule. You can get rid of a second mortgage and still keep your property if you file for Chapter 13 bankruptcy. If the debtor can show that the second mortgage is completely unsecured (i.e. the debtor owes more on the first mortgage than the real estate is worth) then you can file a mortgage stripping where the second mortgage is stripped of its lien on the property and you can pay a smaller percent on the mortgage than if it was a secured debt. (src: http://bankruptcylansingmi.com/utilizing-bankruptcy-remove-second-mortgage/ ) This same case law is not applicable in other jurisidctions, so one would have to investigate the laws of their particular district to see what options their jurisiction provides. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person but my opinion is that you should immediately consult with a chapter 13 bankruptcy attorney.