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Mortgage Community Forums | Loan Talk for First Time Home Buyers | I buying a house for cash for $4000 before bankruptcy can they take that home if i do a chapter 7

I buying a house for cash for $4000 before bankruptcy can they take that home if i do a chapter 7

Posted on: 16th Jul, 2010 06:51 am
own a home bought with cash but its a fixer upper. can they take that house from me as an asset. if i do chapter 7/ the house was only $4000
Hi Guest,

You will have to list the new property as your asset when you file bankruptcy. If your property is free and clear, then the lender can sell it off in order to pay your creditors.

Thanks
jameshogg
Posted on: 17th Jul, 2010 12:07 am
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