New debt, an obligation to pay as agreed? Well, real tough to get financing - not impossible. Especially with the concerns over subprime lending in todays market (which you by being in BK more than likely would be under most any view). You would have to expect that you would pay a very high interest rate, likely making it something even people with stronger financials wouldn't consider.
If you filed C 13 make sure you discuss anything your doing with the BK trustee. Entering into a refinance or any financial contract without his explicit approval will end BK protection, and is sometimes prosecuted as fraud. Certainly, if it means you would have less disposable income to use toward your outstanding debt, he would have rightful objections - you gotta pay your old debts as fast as possible first.
I assume you are talking about a chapter 13??? A chapter 13 you can do this after [ one year if you have paid on time for 12 months through FHA] However your new payment must equal your present PITI.
Yes...AFTER BK provides NO protection or change in you obligation
Some strict limitations have been set by the new bankruptcy law. Debtors will not be able to file Chapter 7 bankruptcy if they've been through a Chapter 7 within eight years of the new filing. If they want to file for Chapter 13, they will not receive a discharge within two years of a previous Chapter 13 discharge and within four years if they were discharged from a Chapter 7, 11 or 12 bankruptcy.
Not if the debt was officially discharged in the bankruptcy.
no
yes, I did.
one year.
In Chapter 7 bankruptcy, assets of a business are sold to help pay back their debts. In Chapter 11, businesses can keep their assets and try to negotiate new terms with their creditors.
The only option for becoming debt free is filing for bankruptcy. A chapter 7 bankruptcy is considered a total liquidation when it pertains to unsecured debts. A chapter 13 is a consolidation BK, in which the debtor is placed on a payment schedule usually 3-5 years for repaying all debts secured and unsecured, according to their priority. With the new bankruptcy laws in effect filing a chapter 7 is a little more difficult than previously, but most people will still qualify under the new regulations.
Visit the Bankruptcy Action website for an explaination of the new bankruptcy reform and a guide to determine what is needed to qualify for a chapter 7 or 13. http://www.bankruptcyaction.com Please visit Bankruptcy Action Com for information concerning the new state and federal bankruptcy laws. http://www.bankruptcyaction.com
Question is unclear but - any debts which you incurred before bankruptcy filing but were not presented until AFTER your bankruptcy petition is accepted, are subject to the bankruptcy. HOWEVER - after the bankruptcy has been filed, you may NOT go out and incur NEW debt. Any newly incurred debt will NOT be protected by the bankruptcy shield.
Yes, but new bankruptcy reform will become effective on Oct 17, 2005. Some previous filings may or may not be deemed retroactive as to when they can be filed, as the new law will change the time frame to eight years. It will also become very difficult to file a Chapter 7 bankruptcy if the debtor has any disposable income. IRS guidelines will be used to determine the type of bankruptcy that will be allowed.