1. Can any of my creditors/trustee void my bankruptcy based on the fact that i will own a house not long after my discharge.
2. Does the loan have to be registered anywhere or is an agreement on paper good enough
3. If yes, how long can i wait before i can own something and guarantee that no one will come after me.
Thanks alot
Answer: Once you are discharged, your bankruptcy cannot be re-opened, so you are free to buy a house or do whatever you wish. The only exception to that rule would be where the trustee or a creditor can prove that you lied or did not fully disclose your assets while bankrupt.
In your case, you have a relative that is willing to loan you the down payment on a home, so you are free to do as you wish.
Our only caution would be to be very careful getting back into debt at this time. The real estate market in Ontario is declining, so borrowing from a relative and borrowing for a mortgage puts you back in debt, which may prove difficult to service if the value of your new house declines over the next two years. In most cases it is better to save for a significant down payment, and then buy a house in the future with a minimum amount of mortgage debt.
Labels: bankruptcy discharge, bankruptcy Ontario
posted by Questions @ 2:07 PM
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