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How long do you have to wait in Canada before purchasing a house after bankruptcy?

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2005-10-28 23:17:54
2005-10-28 23:17:54

I think it stays on your credit for 7 years, but you may be able to do an assumable mortgage with minimal money down

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If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.

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When you file for bankrupt, you can wait for 2 years before u can buy a house.

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Bankruptcy mortgages in Canada have been set up because having a house demonstrates some sort of equity on your part. The banks would prefer you to keep making payments on the house and therefore they will make more money then if they were to foreclose on it and sell the house at a discounted price.

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Are you referring to a Chapter 13 bankruptcy confirmation hearing?

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It depends. If you declare bankruptcy on another house while you are living in your formal house, no you don't lose your formal house. If you declare bankruptcy on your formal house, you get your house foreclosed, or taken away by the bank. ----

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If you want a computer manufactured in Canada while buying from the United States, the only way to do this is by purchasing the computer online. THat way it will be shipped out of Canada to your house.

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You are normally allowed to keep the house you are living in and one car in a bankruptcy.

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Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.

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Yes, 3 years after discharge of the Bankruptcy.

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I have a reverse mortgage on my home, can it be taken from me in a bankruptcy?

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yes, just keep your house exempt from the bankruptcy

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No. The bankruptcy will for certain be dismissed with prejudice. The premise being, if the consumer had the money to purchase a house, they had the money to pay previous debts.

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Not possible if it is coming from bankruptcy court (it probably is)

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All liens survive bankruptcy. You can get rid of the lien by "avoiding" it. Look up "Avoiding Liens" in google or findlaw.com for more info.

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With permission of the administatror. You agreed to involv then first before maiking ny financial changes

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Yes. in support with your bankruptcy lawyers experts.

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If the house was forfeited in the BK, instead of a reaffirmation agreement with the lender..NO!

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I f that was the main reason for filing the c. 13, you can. Make sure the lender knows about the bankruptcy and you have a refi commitment before you move to dismiss.

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If you filed for bankruptcy and the title company knows about it, then you cannot sell your house. Your title is not free and clear so a buyer could not purchase. It also depends on the bankruptcy, you should talk to your lawyer.

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Whether you can keep your house and car depend on how much equity is in your house and car and the available bankruptcy exemptions within your state. If the bankruptcy exemptions allow you to protect the equity in these assets then you should be able to keep them in bankruptcy.

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That decision is made by the lender not the bankruptcy court.

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AnswerIf your bankruptcy is still pending (i.e. - NOT CLOSED BY THE COURT) you will need to get the Trustee's permission to do this. If your case is closed, you can sell your house at anytime. Contact your attorney for more information.AnswerIf you are not sure, get professional help before you make any decisions because there are legal implications that you need to observe. This independent website has a lot of useful information. http://freshstartsolutions.com.au/bankruptcy/

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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.


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