Can you purchase a home while in Chapter 13?

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.

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

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.

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.

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…

Not without permission from the court.

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.

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.

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

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

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

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.]

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.

Yes, but you may have to get permission from the court and trustee to assume additional debt. You do not have to get the trustees approval until you initially want to make the actual purchase of the home. If you are just renting then approval is not needed by the trustee. Rent-to-own programs allow you to rent for a year or two before purchasing to ensure the fact that you can make monthly payments on…

No. Only one bankruptcy at a time.

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.

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.

Yes, it is possible to refinance your home while in an open Chapter 13, if your credit score meets the company's requirements. Also, a max 80% loan to value on your equity will be used to make sure you have enough money in your home to cover closing costs. There are also programs available that do not have score requirements and also allow you to payoff the remaining balance. If you need assistance go to…

While participating in a Chapter 13, all major financial transactions must have the approval of the BK trustee before they can be entered into. In most cases if a vehicle is needed for the person's employment or family safety the purchase will be approved for a specific amount. Finding a lender however is another issue entirely and can be quite difficult.

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.

While in a Chapter 13 debt repayment, the person(s) involved must have the permission of the assigned trustee before making major financial transactions. Failure to do this can result in the dismissal of the filing and/or other penalties. Not quite true. You can purchase a new car by obtaining a specific car loan agreement which does not seriously affect your chapter 13 plan payments and filing it with the court with a motion to approve…

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

First of all while in a BK 13 the party cannot make any financial transactions w/o the permission of the BK trustee. Who I assure you would give a resounding NO! Secondly there is no lender that would enter into such an agreement, not even the predatory ones.

What company will insure you when in chapter 13 if you home is not covered in the bankruptcy. If you have current insurance and the company is going out of business.

If I file chapter 7 or 13 how long can I stay in my house?

All major financial transactions have to be submitted and approved by the Trustee in charge of the 13. He/she can give you the needed information for refinancing your home according to the chapter 13, terms.

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

If you mean, can they be included in a chapter 13, the answer is, they must be. If you mean, can you file a chapter 13 because of garnishments and secured loan payment arrears, yes, that's what chapter 13 is for.

While participating in a chapter 13 all major financial transaction by the debtor(s) must be approved by the bankrupcy trustee. A house could not be sold, refinanced, have the titled amended or transferred and so forth, without the trustee's sanction.

Yes, with court permission.

You may have the option of converting to a 7. Although the court could decide you are capable of paying back your debt via 13. You are in a better position of keeping a car and home in 13 than 7. Unless you cannot reaffirm the loans, and the lender is calling in the property. They would still have that option in a 7 also. You can file a Chapter 7 (or another 13) after…

The chapter 13 petitioner/participant must receive the approval of the bankruptcy trustee for all major financial transactions.

While in a 13, debt repayment, all major financial transactions have to be cleared with the Trustee that handled the case. The court is usually understanding in circumstances where the debtor needs a vehicle or home repairs, etc.

Its possible depending on your equity in your home and car, and the amount your state allows debtors to exempt.

As an unknown individual at the Doney & Associates law firm surmised, "there is no real Chapter 20, but we bankruptcy attorneys amuse ourselves by proving that we can add." A Chapter 20 is when you file a Chapter 13 right after a Chapter 7. One reason some people do this is because you cannot stop a home foreclosure with a Chapter 7, but you cannot file a Chapter 13 if your unsecured debt exceeds…

While in a Chapter 13, all major financial transactions need the approval of the bankruptcy trustee.

Assuming you mean can the debtor in a Chapter 13 buy a vehicle, the answer is yes - with the court's permission. You must have a completed purchase and sale agreement with all terms completed and the purchase must not adversely affect your Chapter 13 plan. You file a motion with the attached documents, copies to the trustee and any creditor affected by the transaction or who has filed a request to be copied on…

It's highly unlikely a lender would consider such a request. Additionally, while participating in a Chapter 13 bankruptcy, all major financial transactions must have the approval of the bankruptcy trustee before they can be undertaken.

No. FHA does not allow the buyer to receive any funds or form of cash outside of close in excess of the contract sales price. Paying off Ch. 13 is not required for you to purchase your home.

Highly doubtful.

While participating in a chapter 13 the petitioner cannot refinance, sell, transfer or otherwise real property without receiving permission from the bankruptcy court/trustee to take the action. Therefore the issues cited are not relevant until/unless permission is granted.

Yes, but if you are still under a chapter 13 bk, you would need the court's permission. In any case, whether you would be able to get financing to purchase a home after filing bk- that is a whole other issue.

Believe it or not, the ploy is called a Chapter 20! A so-called "Chapter 20" bankruptcy is the process filing of a "Chapter 7" bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments. The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under current bankrupcy law a Chapter 13 bankruptcy may be…

If you don't make the payments, then yes.

Debtors under Chapter 13 Bankruptcy can move to another state. However, they must be available for court proceedings and other legal meetings.

It will be difficult, but not impossible.