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

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โˆ™ 2006-07-13 20:03:27
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Q: Can you purchase a home while in Chapter 13?
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Can a person in chapter 13 bankruptcy purchase a home while still in bankruptcy?

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


Is it possible to get a home equity loan while paying chapter 13?

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.


Can you get a home loan while in a chapter thirteen?

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


Can you sell your home while in Chapter 13 and keep the profits to buy a replacement home?

Not without permission from the court.


Which bankruptcy is for a home?

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.


Can a debtor in a chapter 13 rent their home?

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


How soon after filing chapter 13 can you hope to buy a home?

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.


Can you file chapter 7 while in a chapter 13?

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


Can you sell a car while chapter 13 is still active?

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.


How likely is it that the court will approve the purchase of a new home during a chapter 13 bankruptcy?

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.


Is there anyway to purchase a new home while still in chapter 13 bankruptcy?

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.


Can the mortgage lender foreclose on your home while you are participating in a chapter 13 bankruptcy?

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.

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