Legal Question in Bankruptcy in Michigan

bankruptcy

I am planning on filing bankruptcy

I have found a house for less money than my current house

can I buy this house and then file bankruptcy and if i do what do i need to do to protect the house that i want to move in to. Tim


Asked on 12/27/08, 1:40 am

2 Answers from Attorneys
Audra Arndt Audra A. Arndt & Associates, PLLC

Re: bankruptcy

You need to meet with a bankruptcy lawyer before taking any actions such as buying a house. Your question cannot be answered until a lawyer has reviewed your entire financial situation and determined what kind of bankruptcy you may qualify for, if any.

In either situation, if you have a house w/ a mortgage, and you file bankruptcy, the lender has the option of reaffirming your loan or not.

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Answered on 12/27/08, 5:15 pm
Edward Gudeman Weik & Associates, P.C.

Re: bankruptcy

If you purchase the new home and close it, you can retain it even if you file for bankruptcy the next day. You will have to reaffirm the new mortgage, but you have the right to do so.

It is best to make sure that all relevant documents, such as the deed and mortgage are recorded first. In Wayne County, that can take some time.

If you would like more information or a free consultation, please all us or contact us through our websites: www.weikandassociates.com or www.lawcenterfordebtrelief.com.

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Answered on 12/27/08, 11:52 am


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