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Can you purchase a home while in Chapter 13?

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2006-07-13 20:03:27
2006-07-13 20:03:27

All major financial transactions must be approved by the chapter 13 BK trustee.

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Related Questions


All major financial transactions including the purchase of sale of a home must be approved by the bankruptcy trustee before any action is taken.


No you can not get a home equity line of credit but you can refinance and pay off the chapter 13 with the new mortgage.


Yes, but the Chapter 13 debt will have to be paid off as a condition of the loan.



You can file either Chapter 7 or Chapter 13 as a homeowner. If you are trying to save the home from foreclosure, then Chapter 13 would be the proper chapter.


The best time to purchase a new home after filing for Chapter 13 bankruptcy depends on how long your bankruptcy will be. If you have your payments on a five year plan, then you may have to wait a little longer.


If by "you" you mean the debtor who is in a Chapter 13, yes. If the car is subject to a purchase-money loan, it can get complicated, so you should talk to your bankruptcy lawyer.


Unless specifically stated in the chapter 13 agreement, you can rent your home.


No. You can only convert the 13 to a 7.


It depends on how the home purchase will impact your creditors. If you you payment will be doing up, then you will have less money paid to your creditors under the Chapter 13 plan. On the other hand, you might get approval if the purchase won't lower the amount of money creditors would receive under the plan.


When participating in a Chapter 13 bankruptcy, all major financial transactions must be approved by the bankruptcy trustee. One of the factors the trustee will take into consideration is if the transaction is necessary. For instance the purchase of a vehicle for transportation to a place of employment would probably be allowed. The purchasing of a home might not qualify as a neccessity unless it was an issue of health/safety.


Yes. A mortgage says that the loan is secured by the property. A "chapter 13" does not allow you to stop making payments on your mortgage.


yes, you can purchase a home while in chapter 13. However, It may be best for you to to wait until you are one day removed from bankruptcy with discharge papers. b/c you will pay a hefty interest rate. If you do this, it may be beneficial to get on a ARM with the goal to refinance w/in 3-5 years. The goal will be to have your FICO score w/ cash reserves (2-6 mos) in good standing before refinancing. good luck


You will need to obtain the consent of the Chapter 7 trustee before selling any property of the bankruptcy estate.


No. Only one bankruptcy at a time.


Yes. There is no time limit for filing a Chapter 13. Due to changes in bankruptcy statutes, undoubtly more consumer's will have to file a 13.


It depends if it is a Chapter 7 or a Chapter 13. If a Chapter 7 and you liquidate all your assets, then yes you will lose your home. If a Chapter 13, you can catch up the payments if you can afford it and include the past due payments in the Chapter 13. Good luck.


If you pay off your Chapter 13 early and receive your discharge, you won't need permission from the trustee for anything. The case will be over and you can make whatever purchase you qualify for.


A business cannot file a chapter 13. But a person can be evicted if he does not pay rent.


No, because all of your excess income is supposed to be used in your Chapter 13 Plan. What would you use to buy the timeshare? If it is a gift, no problem. When you file for a bankruptcy, all of your assets must be surrendered including your cash on hand or bank account. The answer is no.[This answerer confuses a chapter 13 with a chapter 7, and ignores exemptions. Ignore the answer.]



Yes, with court permission.


A car is not totaled in a chapter 13. A car may be totaled while the owner is in a chapter 13. If the car was fully exempted, nothing happens. If you need to buy a new car, you will have to get permission from the bankruptcy court after you file a specific purchase agreement (car loan) which should not seriously affect your plan payments. Why are you not asking your lawyer?


While in a Chapter 13 debt repayment bankruptcy, you must consult the bankruptcy trustee before engaging in a major financial transaction, such as the purchase of a vehicle.


While participating in a Chapter 13 bankruptcy, no major financial transactions are allowed w/o the permisson of the bankruptcy trustee.



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