How do you buy a house while in a chapter 13 bankruptcy?
The chapter 13 petitioner/participant must receive the approval of the bankruptcy trustee for all major financial transactions.
Yes, you can buy a house while in a chapter 13, you can buy anything you want but You need the courts permision. The most difficult part is finding a lender who understands that you can not add post filing credit to your bankruptcy. Most creditors believe that you can and won't give you the time of day let alone credit.Yes. However, there are programs available for you that do not require your CH.13 Bk…
Can you buy a car one year after filing chapter 13 and can your creditors take your car if you don't wait until you're discharged from your bankruptcy?
If you have filed bankruptcy because you cannot afford to pay your debts, a lender will not loan you money to purchase a house and it just doesn't make sense. You cannot continue to acquire assets while your assets are frozen and in the possession of the trustee in bankruptcy in a bankruptcy proceeding.
It is possible to buy a home after filing and/or completing bankruptcy. Some companies supposedly have programs that allow 100% financing a day after discharge date or 2 years from filing date. You must also meet other guidlines but to determine if you qualify. If you have filed bankruptcy because you cannot afford to pay your debts, a lender will not loan you money to purchase a house and it just doesn't make sense. You…
Can you buy a new car while you are in chapter 13 bankruptcy if you have some one to cosign with you?
Can you get approved for a house after filing chapter 13 bankruptcy or do you have to wait until chapter 13 is paid off?
No mortgage company or bank will consider you for a mortgage while you are in C. 13. All of your excess income is supposed to be paid into the plan. The trustee and the court would have to approve it, which will cause problems for you. You will make the trustee very happy to discover you now have enough excess income to buy a house, which she will want for the plan. Of course, paying…
If you want to buy a house in Arizona that has 3 mortgages on it and the previous owners declared chapter 13 bankruptcy on all three do you assume all 3 mortgages if you assume the senior loan?
Yes, it is possible but there are circumstances. Time is a big factor, that is how much time has passed since the chapter 7 was discharge? I know of lenders who will provide loans just one day out of bankruptcy. But a fairly decent credit score has to be there and if its a refinance there has to be some equity in the property.
Although filing for bankruptcy essentially ruins your credit for 10 years, it may be your best option if you are in a situation where your debt is increasing while your income is decreasing and you need to stop the cycle. The credit aspect, which will have repurcussions when it comes to trying to buy a house, car, etc in the the future is typically seen as the worst part of filing for bankruptcy.
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?
I am not sure about in New Jersey But in Florida if you can prove ability to pay the MTG they will allow you to keep home if you can bring it current, in my bankruptcy, at the time of consult i was current but fell behind before i went ot court so i included the house in the bankruptcy and was able to buy a new home in 2 years
If one spouse recently had a Chapter 7 bankruptcy discharged and the other has a credit score of almost 750 will the couple be able to buy a house?
If you filed a Chapter 7 bankruptcy and buy a car before the discharge is issued, there's no impact on your case. If you're in Chapter 13, however, your disposable income post-filing until discharge may be considered property of the estate; in addition, if you're financing the new car then you likely need to have the court's permission before entering into the financing agreement.
Is it possible to get financing to purchase a house and a car after filing Chapter 7 bankruptcy for the second time?
You need your Bankruptcy Chapter 7 to be discharged first before getting a loan to buy a house. Most lenders require two to four years of re-established credit before they will consider making you a loan. However, many lending sources are competing today to make loans to borrowers with less-than-perfect credit even if you have had your Chpter 7 discharged less than two years ago. You may need to put down a sizable down payment,and…
If the chapter 7 is still open, you cannot buy a house. If you have received your discharge and the case is closed (usually 6 months from the filing date), you should not have the cash to buy a house unless you lied on your bankruptcy documents about your assets. That can lead you to prison. If you win a lottery or get a big inheritance within 6 months after the case is closed, you…
If siblings own a house inherited from deceased parents and one files bankruptcy how does that work?
Do both sibblings live in the house? If not, You might want to buy the the other sibblings half of the house. Or at least have him or her sign it over to the other sibbling or the house might be in danger of forecloser if one sibbling files bankruptcy...If you don't have the money to buy the other half, it is always a possibility to refiance to pay off the other sibbling......Talk to an…