Posted on: 31st Aug, 2011 01:00 am
i filed chapter 7 bankruptcy which was discharged around 3 months ago. during this time, my house was also foreclosed and my state law offers redemption of property, i continue to occupy the house. i won't be able to redeem as i don't have 213k, which was the amount of the sheriff’s sale. i was informed that the second mortgage was discharged in chapter 7 and that the foreclosure will be on the first mortgage.
my father is willing to lend me about 25k from his retirement money so that i can buy an inexpensive house for a few years. this will give me some time to rebuild my credit.
now tell me if the loan from my father before the end of my redemption and within 6 months after filing chapter 7 cause any grief with either the foreclosure or the bankruptcy? i want to make sure that i wouldn't jeopardize my bankruptcy filing in this way.
my father is willing to lend me about 25k from his retirement money so that i can buy an inexpensive house for a few years. this will give me some time to rebuild my credit.
now tell me if the loan from my father before the end of my redemption and within 6 months after filing chapter 7 cause any grief with either the foreclosure or the bankruptcy? i want to make sure that i wouldn't jeopardize my bankruptcy filing in this way.
It will be better if you take the loan from your father after your bankruptcy is discharged. For the time being, you can stay with your father or you can rent a property. Once you receive the discharge papers, it is safe for you to take out a loan from your father and purchase that property. Or else, before taking out the loan from your father, you can ask your bankruptcy attorney and take his opinion in this matter.
You also want to take a look at if your state allows a deficiency judgement, if so, you can be liable for it up to 20 years, and they can attach to any property you may acquire.
