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In Texas can you buy a house and then declare bankruptcy to clear credit card debt so you can afford to pay the mortgage on the house?
Wiki User
∙ 8y ago
Yes, but it is also called "Fraud."
Well EVERYTHING you own and EVERTHING you owe is included in your free buthole
and the BK.
You do not pick and chose, you lie and cheat nor can you go BK on certain things....
So the house would be in the BK too...and able to be used to pay debts.
And of course, anything done within 2 years of filing is considered illegal-can be challeneged by the court and considered done in anticpation of BK or to commit fraud.
Sure....you've got it...try to outsmart everyone and figure you'll get away with it...it's so much better than just paying youd ebts and obligations. And heck, the Banks and mortgage Cos (or credit card cos), they don't know anything...it's all new to them...you can trick 'em into losing out easily.
Wiki User
∙ 8y ago
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Is it possible to just declare bankruptcy on credit cards?
You can declare bankruptcy due to credit card debts, yes.
Can you get a reverse mortgage if you file bankruptcy?
Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.
Is there a bank where you will be able to qualify for a mortgage even though you have bad credit?
Chase will qualify you for a mortgage even if you have bad credit. You can even have filed for bankruptcy
How long after the first bankruptcy you can declare a second bankruptcy?
It takes seven to ten years after you initially declare bankruptcy for it to drop off your credit report, and you really should wait at least 1-2 years after that to declare again I hope that helped.
What if you file bankuptcy and have a reverse mortgage?
The reverse mortgage is typically unaffected by the bankruptcy as the mortgage is usually left out of the bankruptcy- that is a conversation you need to have with your attorney however. The bankruptcy court may look at the amount of equity you have in your home and determine what type of bankruptcy you qualify for. A reverse mortgage can even be used to pay off a bankruptcy or a mortgage in foreclosure as there are no credit requirements on them. I suggest talking to a bankruptcy attorney for information on what is available to you from the courts side of things.
Is it possible to just declare bankruptcy on credit cards?
You can declare bankruptcy due to credit card debts, yes.
How do you get bankrupcy off credit report?
If you didn't actually declare bankruptcy, you can report the error to the credit bureaus. If you did declare bankruptcy, you'll have to wait for it to age off.
Can you get a reverse mortgage if you file bankruptcy?
Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.
Is there a bank where you will be able to qualify for a mortgage even though you have bad credit?
Chase will qualify you for a mortgage even if you have bad credit. You can even have filed for bankruptcy
How long after the first bankruptcy you can declare a second bankruptcy?
It takes seven to ten years after you initially declare bankruptcy for it to drop off your credit report, and you really should wait at least 1-2 years after that to declare again I hope that helped.
What if you file bankuptcy and have a reverse mortgage?
The reverse mortgage is typically unaffected by the bankruptcy as the mortgage is usually left out of the bankruptcy- that is a conversation you need to have with your attorney however. The bankruptcy court may look at the amount of equity you have in your home and determine what type of bankruptcy you qualify for. A reverse mortgage can even be used to pay off a bankruptcy or a mortgage in foreclosure as there are no credit requirements on them. I suggest talking to a bankruptcy attorney for information on what is available to you from the courts side of things.
If I file for bankruptcy can I still refinance my mortgage?
You would probably be better off refinancing your mortgage first and then applying for bankruptcy later on. My mom had to file for bankruptcy due to credit card debt she could not pay.
Is a primary borrower's mortgage or credit affected when the co signer on a loan declares bankruptcy?
no
Is it easy to get a mortgage after bankruptcy?
"A bankruptcy will remain officially on your credit report for 7 years in most states. This big mark makes it more of a challenge to get a mortgage at a reasonable rate, but certainly not impossible."
Is there a law that prevents getting a mortgage after Chapter 7 bankruptcy?
No. Such a law would violate bankruptcy law, which prohibits discrimination by reason of bankruptcy. The problem is usually getting a mortgage because of credit scores, which include many factors including the reasons for filing bankruptcy.
How hard is it to get a mortgage after chapter 13 discharge?
If you have just filed bankruptcy, you will not be barred from ever obtaining a mortgage loan; however, you will not be able to get one immediately. When you can get a mortgage after bankruptcy will depend upon the type of loan you want, the type of bankruptcy you filed, and how good your credit is at the time you want the loan.
How do foreclosures affect your credit?
Same as a bankruptcy There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
